United Capital Corp., a Great Neck real estate investment company, has bought the mortgage to a hotel in New Hampshire – a move that some in Nashua, N.H., view as the possible rescue of a local landmark in distress.
United Capital bought the $22 million mortgage at a discount because the hotel’s current owner is in default. It did not disclose the purchase price.
The Radisson Hotel Nashua is a seven-story, 326-room, "full-service hotel and spa located on almost 17 acres in suburban New Hampshire and includes 24,000 square feet of meeting and banquet space, a restaurant and lounge, an extensive fitness facility and spa, and both indoor and outdoor pools," United Capital said.
Mortgage woes at the castle-like hotel had gotten so bad that, in January, the owner “forced guests to leave their rooms at midday and told employees to take all of their personal possessions and go home,” the Nashua, N.H., Telegraph reports.
The company said it will pursue "all of its legal remedies’ including foreclosure."
United Capital Corp. owns more than 150 properties nationwide including a Radisson in upstate Utica, and other hotels at airports in Miami, Atlanta and Windsor Locks, Conn. Its stock is thinly traded on the American Stock Exchange under the symbol AFP, with a market capitalization of $224 million.