The Dewberry: Landmark hotel sold for $6.25M at auction
Waynesboro-born John Dewberry, a starting quarterback for the Georgia Tech Yellow Jackets in the mid-1980s, and now a well-known Atlanta-based real estate developer, submitted the winning bid of $6.25 million for the shell of the Landmark Hotel in Federal bankruptcy court today.
The tan and handsomely dressed Dewberry met with reporters after the auction, which included bids from development corporation J.B. McKibbon. TRT Holdings, Inc., which owns both the Omni Hotel and Gold's Gym chains, bowed out at $3.5 million. Dewberry purchased the property through his Deerfield Square Associates II LLC.
Dewberry, who has strong local connections (he's golf buddies with realtor Steve McLean, who kept him informed about developments with the Landmark property), says work on the hotel, which could be called The Dewberry, a tribute to his father, who passed away earlier this year, could begin a year from now.
Of course, Dewberry still has to close on the deal, and if he doesn't the property will go to J.B. McKibbon. But McLean says that Dewberry is a "straight-forward" guy.
"He will be an excellent owner," says McLean. "He loves Charlottesville, and he has a lot of pride in what he does. He will deliver on a quality project."
"We were concerned that Charlottesville might be too seasonal a place for a hotel," said Dewberry, "but the price was right."
After completing a similar luxury hotel in Charleston, which will break ground this fall, Dewberry says they will begin on the Charlottesville hotel.
"I know there's a big desire to clean up that black spot in Charlottesville," says Dewberry.
Stay tuned for more details.Read more on: landmark hotel