The Charleston Capitol Hotel and the Best Western Plaza Hotel, which sit side by side on Washington Street East in Charleston, have been sold.
CHARLESTON, W.Va. — A few months ago, the Charleston Capitol Hotel was preparing for a $3 million renovation project.
On Thursday, that hotel and the Best Western Plaza Hotel beside it were sold at a trustees sale on the Kanawha County courthouse steps because the former owners defaulted on their loan.
The hotels’ lender, the State Bank of Texas, purchased the Capitol Hotel via phone on Thursday for $3.15 million, and the Best Western for $3.85 million. There were no other bidders.
The purchase includes the hotels and the land they sit on, said Sushil Patel, executive vice president and chief lending officer at the Dallas-based bank.
After the previous owners of the hotels, Silver Creek Charleston A LLC, and Silver Creek Charleston B LLC, stopped making payments to their lender, the State Bank of Texas, “that’s when we had to take collection action…