Holiday Inn Johnstown-Downtown, the largest lodging establishment in Cambria County, has been put on the market.
The 159-room, six-floor, full-service hotel, owned by Pasquerilla Enterprises, is listed at the Ten-X.com auction site.
“I think that we’re really just kind of testing the water,” said Nick Jacobs Jr., managing director of JLL in Pittsburgh, a real estate services company representing Pasquerilla Enterprises in the sale. “It’s been a crazy couple years. I think we talked about if there were any opportunities now to look out there and see what the market might be willing to pay for the property.”
Jacobs said the decision was made after “seeing a resurgence in all property types right now as the (COVID-19) vaccine adoption is more and more and people are getting back into regular life.”
The starting bid is $1.7 million for the property at 250 Market St. Online bidding is scheduled to take place from July 26 to July 28.
“We have a number we’d like to achieve,” Jacobs said. “If we don’t achieve it, we’re not going to go forward. This is not a fire sale of any kind.”
The hotel “has served the community since 1973 and we are committed to serve our customers,” said Mark Pasquerilla, chairman and CEO of Pasquerilla Enterprises, in a released statement. Pasquerilla declined further comment when contacted.
Pasquerilla Plaza and Holiday Inn Express & Suites in Richland Township are not part of the listing.