The free rent option might have come in on the last few months but wasn't there when the original talks started on a new lease agreement. I talked to one of the prospective buyers at that time and there was no mention of the lease being held back. The buyer backed out last minute when it was announced that the Ritz would be closing. The Ritz is now the Ravella Hotel which, I beleive, is a 4 star hotel.
--- In vpFREE@yahoogroups.com, "irdd3000" <irdd@...> wrote:
>
> i remember reading the development was giving them virtually free rent toward the end to stay open...
>
>
>
> --- In vpFREE@yahoogroups.com, "bobbartop" <bobbartop@> wrote:
> >
> > --- In vpFREE@yahoogroups.com, "Sai Sai" <gofastnismo@> wrote:
> > >
> > > One of the reasons it closed was the lease agreement was changed to a ridiculous amount which made it no longer viable. I wont mention numbers but the owners of the property wanted 6 times the original amount per month. The closing of the Ritz sealed its fate after that.
> >
> >
> >
> > I seem to remember reading quite a while before it closed about a HUGE amount they were in the hole. I remember thinking that they were going to have to throw in the towel with those kind of numbers.
> >
> > So anyway, what has happened with the Ritz? Is it owned by someone else? Or is it just sitting there empty?
> >
>
