CAPE COD TIMES - Falmouth Inn up for auction next month
By ROBERT GOLD
September 24, 2013
FALMOUTH - A longtime hotel is being sold next month.
The Falmouth Inn is still operational and is being slated to be sold at auction.
But the sale isn't a foreclosure, said Justin Manning, president of JJ Manning Auctioneers in Yarmouthport.
Instead, it's the avenue that the owner, Gerald J. DiGiovanni, took to sell the property, Manning said.
"He (DiGiovanni) is looking to retire from that business," Manning said.
DiGiovanni could not be reached for comment Tuesday.
The 123-room hotel and more than three acres of property located at 824 Main St. has drawn interest from people in 14 states so far, Manning said.
The property was developed as a motor inn in 1958 and became a Holiday Inn in 1972, according to the Falmouth Inn's website.
DiGiovanni has been owner since 1998, buying the property for $2.8 million, according to Barnstable County Registry of Deeds records.
The auction is scheduled for 11 a.m. Oct. 10, but its terms say the owner reserves the right to accept an offer beforehand and cancel the auction, Manning said.
Any new owner is required to honor the lease of Landucci Italia, the restaurant on the property, Manning said.
Jay Zavala, CEO of the Falmouth Chamber of Commerce, said the property's long-standing lodging history is valuable to the town.
"It's an important part of our accommodation landscape," Zavala said.
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