Hotel State College & Company Listed For Sale
The Hotel State College & Company and its seven iconic businesses are for sale with an asking price of $2,500,000, according to a real estate listing. Perry Russ — the executive vice president of the company’s property management firm — confirmed the building itself isn’t for sale.
The company that owns State College fixtures like The Corner Room, Bill Pickle’s Tap Room, and Zeno’s Pub first posted the listing on May 10. Hotel State College & Company also owns the Basement Nightspot, Spats at the Grill, Chumley’s, and the 13-room Hotel State College.
“We have decided as an ownership group to put our properties on the market at this time,” Hotel State College operating partner Joe Shulman said in a press release. “Several of our partners have been involved as owners since 1986 and are at a position in their lives where they want to retire. Through new ownership, we are confident that the businesses will continue to thrive for many more years to come.”
Hotel State College & Company employs approximately 250 people, and Shulman said it is “very important … to maintain all the positions in our company through this transition — everyone from the front-line folks to the management team.”
According to the listing, any future sale of the property would include the liquor license for all the Hotel State College & Company businesses. The listing also includes all furniture, fixtures, and equipment with the building.
The building itself opened in 1855 as Jack’s Roadhouse, and its location on the corner of Allen Street and College Ave. is one of the most iconic and recognizable symbols in downtown State College.
In recent years, the property’s facilities have undergone a few changes. Pickle’s added a small deck to provide customers with outdoor seating during the spring and summer in August 2017, and Indigo closed operations and rebranded as the Basement Nightspot last year.
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