July 27, 2012
The Holiday Inn of Craig, 300 S. Colorado Highway 13, was put up for auction this week fetching a high bid of $3,050,000. The property is likely not going to change hands, however, because the seller’s reserve price was not met.
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$3.05 million bid fails to meet owner reserve price
The Holiday Inn of Craig, which has been a mainstay at 300 S. Colorado Highway 13 in Craig since 1981, was put up for auction earlier this week. The online sale attracted “two or three” active bidders from the region and fetched a high bid of $3,050,000 when the auction closed about 12:30 p.m. Thursday, according to www.auction.com. The identity of the high bidder was not made public Thursday afternoon and is not likely to be released anytime soon, said listing agent Melvin Chu, hotel investment sales associate with Jones Lang LaSalle’s San Francisco office. The reason, Chu said, is because the high bidder failed to meet the owner’s reserve price.