Timing, it appears, may be as much a factor as price for the future of West Valley Inn. On Sunday, Tapestry Communications of Cranston issued a press release that inn owners have entered a highest and best bid process that requires
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Timing, it appears, may be as much a factor as price for the future of West Valley Inn.
On Sunday, Tapestry Communications of Cranston issued a press release that inn owners have entered a highest and best bid process that requires potential buyers to present their offers in writing by 5 p.m. today.
Yet, it was learned yesterday that one of potentially as many as five buyers had matched the $1.5 million asking price, submitting it with a $25,000 deposit. According to David Cascioli, a member of the group submitting the offer, the terms of an agreement had been worked out, only to be withdrawn later with the return of the check.
The issue, Cascioli believes, is timing. He said West Valley is looking to shorten the timeframe to close, and while he is confident his group can put up 10 percent with its offer and another 20 percent to gain financing, they can’t come up with all the money as quickly as West Valley would like.
“We don’t have that kind of money [the $1.1 million that would be financed] lying around,” he said.
Jeff Butler of Butler Realty ReMAX, who is coordinating the sale, said Monday that “the terms and conditions [of Cascioli’s offer] were unacceptable to the seller.” Butler said a vetting process of the bids would be conducted and that he would hope a buyer will be selected by the end of this week. He said the sellers prefer a turnkey sale where the business and the real estate, consisting of two buildings and 12 acres, are sold at once.
Butler didn’t say how many potential buyers there are, as he has been getting phone calls ever since West Valley announced it would be closing at the end of this month. He said there has been a lot of interest, but actually getting people to make legitimate offers “is like herding cats.”
“It’s beyond the talking stage,” Butler said of the process. The business and real estate went on the market two years ago for $2.6 million.
The owners of West Valley, Jaime (Jimmy) Correia and his son, Robert, have not made themselves available for comment, with Butler and Nancy Thomas of Tapestry Communications acting as spokespeople.
“We offered the list price. We’re not trying to take advantage of any distress they have,” Cascioli said. “They want a cash deal and to close by Sept. 20.”
Cascioli, who owns and operates the Rocky Point Clam Shack on Post Road in Warwick with Chang Ping Hou and Daniel Chow, said the group’s plan “has always been to save the inn and keep it running continuously.”
The Correias bought the business in 1978. In addition to banquet facilities, they operated a family-style restaurant, catering business and soup and sauce sales from the West Warwick establishment.
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