ST. LOUIS— Adam’s Mark Hotels & Resorts has cancelled its pending agreement to sell six of its properties to Columbia Sussex Corp. after the Ft. Mitchell, KY-based entity failed to complete its due-diligence process and, accordingly, missed the imposed contractual deadline. Adam’s Mark President/CEO Fred Kummer rejected the prospective buyer’s request to extend the deadline, noting: “We were ready to consummate the deal under the original terms, but felt an extension was not in our best interests.” The hotels that were to be dealt include properties in Houston, Philadelphia, Memphis, Columbia, SC, Colorado Springs, CO and Clearwater, FL. According to Kummer, these properties will now be pulled off the market. Moreover, he indicated that not only will no new buyer for these hotels be sought, but there are now no immediate plans to shed any of the company’s 24 properties, partly because the lodging chain is reportedly expected to recover more quickly from the current industry downturn than was previously projected.
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