Copper King Hotel looks at potential buyers
Updated On: Jan 23 2014 09:29:55 PM MST
A hotel and convention center in Butte that will shut its doors Sunday night now has potential buyers.
Butte Local Development Group Executive Director Jim Smitham has been working with multiple community leaders to attract investors to the Copper King Hotel.
"We have been contacted by several, so it is creating some interest," said Smitham.
Smitham said the hotel has more than 100 hotel rooms, but the building's biggest asset is the halls that can hold large groups of people.
"It's fallen on some hard times lately," said Smitham. "But I think it has the assets within the facility, in which it could be a successful operating business."
Smitham told us the Copper King Hotel has at least five potential buyers. Each one of them plans on keeping the building as a hotel and convention center.
"It's one of the few facilities we have in the community that can handle something that size, other than the Civic Center," he said.
Fifty employees will lose their jobs when the hotel closes its doors, but Smitham said the currents owner hopes that will be temporary for the sake of the workers and the hotel.
"That's another thing he would like to do," said Smitham. "Is keep the staff on hand and on-site so you don't have to retrain everybody. They know the facility, they know the system and everything else."
The owner is looking to sell the Copper King for a little more than $2 million. Smitham told us the Copper King is working to get it sold as quickly as possible.
"We're sad that it has come to this but we are working hard so it doesn't close its doors for good," he said.
The hotel's owner has been trying to sell the Copper King since 2008. The original price tag was $6 million.