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Friar Tuck sale falls through

Dec 08, 2010 11:56 am
CATSKILL — The Daily Mail reports this morning that the 40,000-square-foot, 372-room Friar Tuck hotel is back on the negotiating table after another bidder, who had until Monday to make a down payment on the 170-acre resort property, failed to complete the deal, according to Michael Shaughnessy, executive vice president and chief lending officer of Ulster Savings Bank, the primary mortgage holder of the resort. The successful bidder of a Nov. 16-18 online auction, whose identity was not released, has not come through with their winning $2.58 million bid. Shaughnessy said the bank will now entertain offers from nine other groups that have expressed interest in the hotel property. A similar failure to close occurred last year at this time. For the full story click here.