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A bankruptcy court trustee has chosen a Spokane management firm to run the Montvale Hotel, the downtown Spokane boutique hotel saddled with more than $3 million in debts.
Rob Brewster, the owner of the Montvale at 1005 W. First Ave., filed for Chapter 11 reorganization in February.
Trustee David Gardner, an attorney with Spokane firm Winston & Cashatt, said he chose Hotel Market Solutions to manage the 36-room hotel and find a way to make it profitable again.
Hotel Market Solutions, with offices in the Paulsen Building, manages a number of regional hotels, including the former Howard Johnson at 211 S. Division, and a hotel in Post Falls.
Brewster, who is reeling from several downtown property foreclosures, bought the Montvale in 1998 and converted it into a stylish downtown hotel that honored its early 20th-century character.
Gardner said the Montvale bankruptcy’s secured debts come to roughly $3 million. Unsecured debts include nearly $140,000 the state says Brewster owes in back taxes.
Gardner said he chose HMS to manage the Montvale, at 1005 W. First, in large part because of the reputation of Fred Schoener, director of operations for HMS.
“Fred has managed a number of local hotels and he understands the local market,” Gardner said.
HMS took over the Montvale in late April and is running the hotel with a full staff.
Gardner also said he’s not certain whether the hotel should be sold or if HMS should continuing running it.
If it remains unsold, he said the goal is to create a payment plan that directs the profits to its various creditors, said Gardner.
He also recently shut down the Catacombs Inn, the restaurant in the hotel’s lower level.
“I could not verify that there were any licenses (for the Catacombs) on record,” he said. As part of the reorganization, Gardner said he’ll consider reasonable offers from anyone wishing to buy the restaurant.
All other businesses in the hotel, including the eatery Scout, continue to operate normally.
You can find on Spokesman.com the full version of the announcement by Spokane Teachers Credit Union it purchased the downtown Hutton Building.
Reporter Jon Brunt summarized the main points in that story (top six graphs below). Saturday's print and online editions will have the expanded version, which includes details on the bankruptcy that led to STCU's purchase.
Spokane Teachers Credit Union is turning a foreclosed property into one of its most prominent buildings.
The credit union announced this week it will move its commercial lending operations to the Hutton Building, which it owns as a result of a foreclosure last year.
The seven-story Hutton Building, 9 S. Washington St., is valued at $3.5 million by Spokane County. It was built in 1907.
Credit union President and CEO Tom Johnson said that the credit union was running out of space for its commercial lending department at its current leased space at the Schade Brewery building near the Riverpoint Campus.
Since it already owned the building and the credit union desired to keep commercial lending offices in downtown Spokane, the Hutton Building was an ideal choice to help it expand, Johnson said.
The credit union will use the top two floors of the Hutton Building as well as some space on the ground floor for a branch.
The owner of the Montvale Hotel will reopen the corner hangout formerly known as the Far West Billiards.
The Far West closed July 1 after 10 years in business, at 1001 W. First in downtown Spokane.
The plan was to lease the empty space to a new operator. That plan didn't take. The business will now be run as part of the Montvale.
It will be named Scout.
All that's holding up the opening is completing the paperwork from the city and getting a liquor license.
Keep an eye out for the full update in The Spokesman Review within a week.
The manager of Far West Billiards, a downtown
Yvonne Millspaugh said she decided to shut down in anticipation of major remodeling that building landlord Rob Brewster is ready to start.
The billiards business, at 1001 W. First, has been owned by Andrew Sackville-West and other LLC partners. Sackville-West has moved to
Brewster said Sackville-West has been an exemplary business tenant in the building. But he also noted the
Brewster has developed a number of downtown properties, including the Montvale Hotel and the Catacombs Restaurant.
Brewster said he’ll announce plans for the