The historic Yorktowne Hotel in downtown York has sold for the sale costs of $2,719.57 to the plaintiff in the case at York County Sheriff’s Office sale this afternoon.
Further information about the future of the historic business was not immediately available.
Its sale this afternoon represents the first time in four listings that the scheduled sale went through since a creditor, PNC Bank, had declared a loan default on owner York Hotel Group LP, according to paperwork filed last year.
Anyone else seeking to acquire the property would have had to place an upset bid of more than $4 million, according to the sale proceedings.
According to court documents, the Yorktowne’s owners had entered into an agreement with Mercantile-Safe Deposit and Trust Company, now PNC Bank, in February 2007 for $4.5 million, according to the filing.
PNC is not the creditor listed for this sale; VIII-Hotel II P Loan Portfolio Holdings LLC is named as assignee of judgment, according to the sheriff’s office website, though the attorney representing the entity listed the name with the recent change of VIII-Hotel II P Loan Portfolio Holdings LLC.
PNC spokesman Fred Solomon said earlier this fall that the bank no longer held the note on the property but declined to answer further questions.
The historic building at 48 E. Market St. was constructed in 1925 through a stock-selling campaign in the community.
It has more than 120 rooms, valet parking and an attached parking garage, restaurants and meeting and banquet facilities. The property is assessed at a little less than $2 million, according to York County assessment information.