JAY PATEL AND his family have tried for a second time to auction off a 242-room hotel in Hannibal, Missouri, and found no qualified buyers.
Ten-X Commercial led the online auction in early July of the 50-year-old Hannibal Inn and Conference Center. The hotel sits on 17 acres. It has 7,600 square feet of meeting space. It is 10 miles from the Mark Twain Home and Museum.
It is not known if there were no bidders or whether prospective buyers did not meet the required minimum bid of $600,000.
An attempt in October to auction off the hotel had a list price of $800,000. Mumford Co. is the hotel broker representing the hotel.
Jai Shriram Hospitality LLC is the name of the business that owns the hotel. The company includes Jay Patel, his son, Al, and daughter-in-law, Nam.
The Patels acquired the distressed property in an auction in October 2007. They invested $1.3 million in renovations and reopened 80 rooms in spring 2008.
The hotel was built in 1968 as a Holiday Inn and was the premier hotel in town, according to local reports.