FROM THE NEWS TRANSCRIPT (Greater Media Newspapers)
April 5, 2006
Here's hoping that an area resident will be the person who is able to breathe new life into the dormant American Hotel in downtown Freehold Borough.
The local landmark - which had not operated as a hotel for years, but was a hub of banquet activity - was sold at public auction on March 23 to Manal-apan resident Steve Goldberg. His winning bid for the building, its contents and a liquor license was $2.5 million.
The first auction of the hotel took place in October. The combined winning bid for the building and the liquor license that day was $4.35 million by Tran Dinh Truong, a New York hotel owner.
However, municipal officials were notified in February that Truong could not complete the purchase and that neither could the individual who had the second highest bid.
Borough officials are hoping that having the hotel in the hands of a person who lives in the area - compared with what may have been Truong's absentee ownership - will give the property a better chance at revival.
Goldberg did not have much to say about his plans for the building in the moments after he was declared the winner of the auction. He did recall how, as a child, he went to the American Hotel with his father. Perhaps that is a good sign.
The building has been closed since late 2003. A major renovation of the property will be necessary before it can be reopened to the public and once again become a productive business in the heart of town.
There may be a point at which different interests will have to determine if the historic structure must be modified to survive in the 21st century.
We are hopeful the new owner will understand the meaning the American Hotel has for many people in Freehold and that his and the town's interests will be able to find common ground to the benefit of all.