TOLEDO, Ohio — A former toledo gem is ready for new owners. The historic Hotel Lorraine will be auctioned off on May 5 with a reserve price of $500,000.
Despite its troubled past, the owners are hoping someone sees its potential.
The building was shuttered under a court order in October 2019. Nothing has been done to update the inside since. But as city leadership continues to push forward on downtown revitalization projects, the property's advisors believe the Hotel Lorraine is ready for a new life.
The historic Hotel Lorraine opened on April 15, 1925, on Jefferson Avenue at 12th Street.
"This hotel was one of the finest establishments to visit prior to the 1960s," SVN-Ascension Commercial Realty Associate Advisor Rami Sebai said.
But a lot has changed since that era, and another change is on the horizon.
"Ultimately, the goal here is to put the property in the hands of a skilled developer looking to revitalize this property and add value to our city," Sebai said.
The momentum, growth and revitalization in downtown Toledo are what makes this building marketable, auctioneer and SVN-Ascension Commercial Realty broker Bill Menish said.
"This thing has been through its high and low points," Menish said. "Granted, right, now it's not in the best shape, but that's the beauty. We get to revitalize it. New vision, a new dream. It's good for the community and it's good for whatever future it's going to have."
The Hotel Lorraine's future is hopefully brighter than its past.
The current owners are not connected to the former ones, who were sentenced for fraud and crimes they openly admitted to WTOL 11 that they had committed.
The advisors hope the new owners see the potential.
"I believe this location is a hidden gem," Sebai "It's the gateway to the uptown district. This corridor will continue to be revitalized, especially by the $30 million Bitwise Toledo redevelopment project," Sebai said of the tech company's investment.
The hotel is only half a mile away from the new Glass City Center, too.
The possibilities are endless, Menish said.
"I would love to see this be a boutique hotel and really embrace that history and bring it back out. Let people step back in time in a way as they go into this hotel," Menish said.
There is an open house for interested buyers happening Thursday from 2-4 p.m.
