The BEECHWOODS, NY — The historic hotel and resort the Villa Roma is in contract to be sold to Fay Hospitality Catskills LLC. Fay Investment and Asset …
THE BEECHWOODS, NY — The historic hotel and resort Villa Roma is in contract to be sold to Fay Hospitality Catskills LLC. The negotiations for purchase have been ongoing for several years and the sale is expected to be finalized within a month or two, according to sources knowledgeable about the purchase.
Fay Investment and Asset Management operates in New York and in London with a focus on hotel and commercial real estate management.
The Sullivan County Industrial Development Agency issued Fay Hospitality Catskills with a sales, mortgage, and property tax abatement agreement in a meeting on May 16, 2022. The agency's agreement specifies that Fay Hospitality Catskills has acquired a commitment for a loan amounting to $21,900,000 in outside funding to accomplish the acquisition and renovation of the Villa Roma.
The Sullivan County Democrat separately reported that the Villa Roma sought and acquired a reduction in its tax assessment from around $23 million to around $10 million. The Town of Delaware faces the possibility of large tax raises to make up for the reduction in Villa Roma's assessment; it will hold a public hearing at 5:50 p.m. on October 12, 2022 on a local law to override the tax cap, at the town hall building, 104 Main Street, Hortonville.
Editor's note: This story was updated on September 22 to indicate the pending nature of the sale. The original story indicated that it had been completed.
Click here for more information on the Villa Roma and the Town of Delaware's tax assessments.
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