Ramada Jamestown To Be Sold To Highest Bidder
Starting at noon on Monday, a two-day auction for the Ramada Jamestown will start.
According to Auction.com, the hotel located at 150 W. Fourth St. will be auctioned off, with bids starting at $400,000. The 145-room, full-service hotel is located on 1.41 acres of downtown city property. The eight-story hotel was built in 1979, and has an occupancy rate of 33.5 percent.
Vince DeJoy, Jamestown development director, said there are a number of developers interested in the property.
“Numerous tours have been conducted this week and scheduled for next week with developers all over the Northeast and Canada,” he said.
DeJoy said he is not able to disclose any of the developers because of confidentiality agreements, but is encouraged by the interest in the building. He said around 20 developers will potentially tour the Ramada Jamestown.
“The broker is still setting up potential tours. He is reaching out to large developers that have hotels we would like to see here who have relations with the Hiltons and Marriotts. We’re trying to encourage those brands to look at it,” DeJoy said. “They’re getting a good sense of Jamestown and the greater Jamestown area to see what the county is all about. The attractions we have here, i.e. Lucy-Desi; the four-season tourism, with skiing and snowmobiling in the winter; and for events like weddings. We’ve put together a marketing piece to explain the city and what makes it a vibrant, quality place to invest in.”
DeJoy said developers have been meeting with Jamestown Mayor Sam Teresi and himself to see what the city can provide as far as financial assistance. Also, developers are being told what they can receive from the county’s Industrial Development Agency and from other community stakeholders.
“They’re doing their due diligence touring the property, and they’re determining the level of assistance they can receive from the city,” he said. “The city has low-interest loans, grants and (Community Development Block Grant) money. Everything we can find in our toolbox we will try to come up with for the right developer, and the right hotel brand. If it is a great developer with a great plan and a great brand, then we will take extraordinary measures to make it a reality.”