Downtown Jackson lodging landmark The Edison-Walthall Hotel is still on the market, having failed to get an acceptable bid bid price at a real estate auction this week.
Taylor Real Estate `Auction’s Benny Taylor said he received a couple of bids at the May 22 online auction but neither met the minimum set for the 205-room hotel appraised for tax purposes at $3.79 million.
Taylor said he is negotiating with the bidders as well as other potential buyers. He showed the circt 1927 hotel at 225 Capitol St. to groups of interested buyers on Thursday and Friday.
“We’re trying to get the best deal” for bond holders, said Taylor, referring to investors who are owed
about $6 million.
The Roberts Group, owners of Jackson TV station CW34 and radio station 97.7FM WRBJ, bought the hotel in 2008 with plans to invest $10 million in upgrades. The Roberts put about $7.5 million into renovations of some of the top floors, before the water damaged forced them to shut down the hotel more than three years ago.
Taylor expects the Walthall’s next incarnation will be as a condominium or residential apartment building. “It’s going to need a complete restoration,” he said.
Malcolm Shepherd, COO of Jackson real estate investment firm Full Spectrum South, said travel snags prevented his firm from placing a bid. But Full Spectrum is still in talks on buying the hotel, he said.
“We are one the groups they are talking to,” he said.
Shepherd said Full Spectrum envisions the hotel as a mixed use development with about 80 hotels rooms, some office space and retail and about 100 rental apartments.