NAPLES, FL— The Hotel Escalante here will go on the auction block February 7 as part of an action authorized by The United States Bankruptcy Court for the Middle District of Florida. The auction will be conducted by Sperry Van Ness/Fisher Auction Co. All offers are subject to court approval and each interested participant must submit a $10,000 cashier check for each individual unit they are interested in acquiring or a $1 million cashier’s check if they are interested in acquiring the entire property. Louis Fisher, national auctioneer for Sperry Van Ness/Fisher Auction Co. in Pompano Beach, FL— representing the seller— is responsible for the auction. Located at the corner of 3rd St. and Fifth Ave. South, Hotel Escalante encompasses 69 upscale hotel condominiums The auction will be conducted in two phases. On Feb. 7, all qualified participants, interested in acquiring the individual units will participate in an open outcry auction at Moss Hall. Once this phase of the auction is complete, information on the highest bidders will be submitted to the U.S. Bankruptcy Court for approval. Then, investors interested in acquiring the entire property will compete in an open outcry auction with the minimum being the sum of all individual unit sales plus $500,000.
