We were in the Adolphus hotel with a demoliton crew that was staging the implosion of the complete city block across the street. One of my guys was asked to push the plunger to detonate the explosion which delighted him. Some of the buildings across the street were the baker hotel, an office building, a bank building, etc. that all went down in a blaze of glory.
While casually walking through the Adolphus I notice the dust on the philodendrons, the shoddy carpet and dirty chandeliers. I said to my crew that “believe it or not we’ll be back at the Adolphus to do a liquidation before you know it”. Sure enough it wasn’t too long before we were liquidating its contents and what a sale it was.
Many of the hotel liquidations were contracted through demolition companies that were bidding to get the jobs.
I encouraged them to use our company NCL (National Content Liquidators) to let them know how much we can get out of the contents so they could use my guaranteed number when determining how much it cost to raise the building. There was a case in St. Louis that I guaranteed the demolition company 500,000 dollars for the contents and they used that number and bought the whole real estate for 500,000 dollars and sold it for several million before a liquidation sale was complete.
In those days hotel management companies didn’t want to own real estate because it was a constant liability that affected their cash flow. Also in those days I didn’t have the cash or guts to take the chance on buying a vacant building that might sit empty for years. Win some, lose some.
Clem D. LongAuctioneer and Hotel LiquidatorFounder and former C.O.B. of National Content LiquidatorsThird generation of Auctioneers
While casually walking through the Adolphus I notice the dust on the philodendrons, the shoddy carpet and dirty chandeliers. I said to my crew that “believe it or not we’ll be back at the Adolphus to do a liquidation before you know it”. Sure enough it wasn’t too long before we were liquidating its contents and what a sale it was.
Many of the hotel liquidations were contracted through demolition companies that were bidding to get the jobs.
I encouraged them to use our company NCL (National Content Liquidators) to let them know how much we can get out of the contents so they could use my guaranteed number when determining how much it cost to raise the building. There was a case in St. Louis that I guaranteed the demolition company 500,000 dollars for the contents and they used that number and bought the whole real estate for 500,000 dollars and sold it for several million before a liquidation sale was complete.
In those days hotel management companies didn’t want to own real estate because it was a constant liability that affected their cash flow. Also in those days I didn’t have the cash or guts to take the chance on buying a vacant building that might sit empty for years. Win some, lose some.
Clem D. LongAuctioneer and Hotel LiquidatorFounder and former C.O.B. of National Content LiquidatorsThird generation of Auctioneers
1 comment:
I remember being jealous, jealous, jealous because me and Andrea would be at some armpit of a sale, while everyone else was at the cool jobs. I think I was at some little hotel in Champaign Urbana while the rest of the company was liquidating the Baker. I dont have many memories of the Adolphus or Baker. But I can tell you about lots of armpits
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