"We've filed for financial reorganization to get out of bankruptcy because of an issue with one of the owners with another business under that owner that has had some financial issues," said Taylor, which he said led to a shortage of available capital.
He said two other entities expressed interest in ownership but the current owners were more familiar with this applicant. He said the current ownership of
"Chapter 11 was a way for us to seek a new owner and to reorganize the existing debt and to make sure the property stays operational in good upkeep," he said.
Taylor said it is unlike Chapter 7 bankruptcy, whi h closes the business and liquidates the inventory.
The 167-acre property on
Once valued at
Taylor said those debts are being paid off, as required under Chapter 11 for the business to continue and avoid Chapter 7 closure. But one of them -- Strausser's Nature's Helpers in
"Businesses understand the difficulties because they go through some things themselves and have been very supportive and accommodating," Taylor said.
The inn has 107 hotel and cabin rooms and is booked on weekends through August. Some 30 cabin rooms still need to be renovated, which Taylor said will be taken up by the new owner.
The business outlook is brightening. After what Taylor called a "flat" winter season when severely inclement weather kept customers at home and "tremendously" spiked the inn's heating, energy and snow removal expenses and a "flat" July, Taylor said business picked up with 20 percent improvement in August from a year ago and a "very promising September" with 16 percent more business projected than in
But he said the new owner "will expand our sales force and define marketing strategy." He said the business plan would become "more family friendly" rather than appeal to affluent, upscale couples from the tri-state region.
"We are going from a shotgun approach to marketing to a pinpoint rifle approach to marketing. One that's very specific," Taylor said.
The hotel continues to have dining throughout the week, with the Lounge offering dinners seven nights a week and the Steakhouse open for dinner Friday and Saturday evenings. There is a breakfast buffet in the dining room and an a la carte breakfast at the Steakhouse based on occupancy.
There are indoor and outdoor pools, a spa by appointment only and on weekends, hiking trails, a lake with paddle boats as well as tennis, basketball and volleyball courts and a horseshoe pit. There is a Kids Camp offered to children of guests on weekends as well as a game room and Wii competition.
"We want to enhance the kids' games," Taylor said of the new ownership.
He said the inn would continue to host community events, most recently a successful wine and food pairing event for the
Taylor feels the selection of wines is a strength of the inn from his background as a corporate vice president for food and beverage at the well-regarded
Although one of the prior owners was a kosher caterer, Taylor insisted the inn is not a kosher hotel.
Unlike his prior experience, Taylor said the lightly traveled location makes this his "most difficult challenge."
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