An Albatross?

Submitted by RosemeadOne on Tue, 03/09/2010 - 09:47
in

Steven Ly calls the Glendon Inn an "albatross" and a "sinkhole."

You mean the hotel that used to be a den of drug sales and prostitution?

If you want to talk "sinkhole," take a look at the Dinsmoor House. The sad part is that Ly will keep on lavishing money on THAT sinkhole because his friends work there.

Did someone say...

Submitted by Brian on Tue, 03/09/2010 - 16:41.

..."albatross": http://www.youtube.com/watch?v=Z_u7VGiMO0U ??

Buy High, Sell Low

Submitted by night reader on Wed, 03/10/2010 - 22:22.

Nothing like buying past the peak of the real estate bubble, and selling it as the commercial real estate market is sinking.

Also, what's with the "hotel is losing us money"?

Isn't it more correct to say, simply, that the city is losing money? It handed management over to a company that's not fulfilling their end of the contract. The city is getting screwed over.

There ain't money to "recoup". Money's been lost, and it's not going to show up. They're just cutting their losses.

The fact that it was an ad-hoc brothel and drug store is usually a good sign that a motel is no longer viable.

Here's something else funny. The operators are HQd in Hacienda Heights.

I have a suggestion for them: medical marijuana farm.