Whoever buys it, Yorktowne Hotel to see improvements

The long-term plan for the historic Yorktowne Hotel in downtown York — no matter who buys it — is to redevelop the property so it remains a strong competitor in the market and continues to offer the same level of quality and service it's renowned for.

That's according to Jack Kay, chairman of the York County Industrial Development Authority, which could itself wind up purchasing the recently listed hotel.

The IDA has even applied for a $10 million state grant under the Redevelopment Assistance Capital Program, which would be used to renovate the Yorktowne's rooms, demolish its current parking garage, and make mechanical improvements, Kay said in a Wednesday phone interview.

"We want to put the hotel back into first-class condition with new, state-of-the-art systems," he said.

The 11-story, 125-room property at 48 E. Market St. is advertised on the Hospitality Real Estate Counselors website with a suggested price of $4.3 million.

Opened in 1925, the Yorktowne is known in part for the luminaries who have either stayed or appeared at events there, including various presidents (Richard Nixon, Bill Clinton), first ladies (Eleanor Roosevelt, Barbara Bush), entertainers (Lucille Ball, Johnny Cash) and sports figures (Mickey Mantle).

"The Yorktown has been the public gathering space for many important events that have occurred in York and continues to be one of our most historic assets," Kay said. "As far as our local economy is concerned, it's in the same league as the Strand-Capitol Performing Arts Center and Santander Stadium. So the authority feels a responsibility to try to make sure the outcome of this sale is a positive one for the community."

One way to ensure that outcome would be for the authority itself to buy the hotel, Kay said, although he insisted that discussions on the matter are "a work in progress."

"What happens next is being evaluated on many fronts," he said. "Our objective is for the hotel to continue to operate, serving guests and providing a venue for meetings, weddings and celebrations. We want to see the same level of service, food, room quality and amenities that currently make the Yorktowne stand out. Whether that'll be done by the authority or another entity remains to be seen."

Kay also suggested that if the authority does wind up purchasing the property, it may own it for only one or two years, making improvements in the interim until another owner can be found.

He wouldn't rule out the possibility of a company from outside the area purchasing the hotel, however. "If a responsible party would arrive on the scene and make a positive commitment to what the community's expectations are, that would be fine," he said.

Kay said an improved Yorktowne would help to drive other downtown revitalization projects, including a number of ongoing efforts to bring restaurants, retail and affordable housing to the community.

Bought by Starwood Property Trust of Greenwich, Conn., in 2011, the Yorktowne is operated by Harrisburg-based Hersha Hospitality Management. The hotel has nearly 13,000 square feet of meeting and banquet space, including a 5,200-square-foot ballroom and 14 meeting rooms. Its other features include a restaurant and a full-service spa.

Source: Central Penn Business Journal