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Investment Group Buys Griswold's Inn

March 07, 1993

CLAREMONT — An investment group from West Los Angeles has submitted the winning bid to buy the 273-room Griswold's Inn, according to Ray Sanford, son of the hotel's longtime owners, Alton and Betty Sanford.

Sanford said escrow was opened Wednesday and could close within 45 days, but he declined to disclose the buyers by name or reveal the purchase price. He said the buyers intend to maintain the property as a hotel.

Sealed bids were solicited for the hotel after Foothill Inn, a partnership controlled by Alton Sanford, filed for Chapter 11 protection under the federal bankruptcy law last summer.

The hotel was put on the market for $6.8 million.

When the property failed to sell, the owners enlisted Auction Marketing Services of Irvine to solicit sealed bids with a deadline of Feb. 25.

Ray Sanford said that four bids were received but that only one was from investors interested in maintaining the hotel.

The other bids, for lesser amounts, he said, involved offers to convert the property into senior housing or other residential use.

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