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Twombls t1_j5m2e6d wrote

Reply to comment by dropkickninja in Interesting opinion piece in Seven Days -- wondering how those in Burlington feel? by betcaro

Its going to be a luxury hotel

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Hagardy t1_j5mk3es wrote

It was until the developer went bankrupt

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Twombls t1_j5mkncq wrote

A new hotel developer purchased it a few days ago. They haven't confirmed the plans, but they will probably turn it into a hotel. I posted the article a few comments down.

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betcaro OP t1_j5m3kju wrote

for reals? sarcasm?

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Twombls t1_j5m4l4i wrote

Thats the actual plan as of now

https://www.google.com/amp/s/www.sevendaysvt.com/vermont/another-hotel-developer-buys-former-ymca-building-in-burlington/Content%3foid=37349181&media=AMP%2bHTML

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Hagardy t1_j5mpsd9 wrote

this is kind of amazing, this developer made 1.5 million by buying the building and letting it sit vacant for a couple of years (bought for 3 million, didn’t touch it, just sold for 4.5)

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Practical-Intern-347 t1_j5o1tfo wrote

They probably spent $2M paying taxes/insurance, hiring architects and engineers to design a hotel, paying a hotel franchise fee, paying staff salaries, etc. I doubt they made money.

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[deleted] t1_j5q0m0m wrote

That $2M is all "business losses" for taxation purposes

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