No Sale Again: Adoba withdraws offer to purchase Mountain Lodge
EAGLE RIVER — Adoba Hotels withdrew its letter of intent to purchase the Keweenaw Mountain Lodge on Monday, according to Keweenaw County Board member Jim Vivian.
James Henderson CEO of Adoba withdrew his letter of intent on November 6, the same day a special board meeting was held to discuss future purchasing requirements.
Among the requirements, Vivian said, was a non-refundable $50,000 deposit after 60 days of due diligence. Once due diligence is completed, the buyer will have 30 days to close the deal.
Adoba originally sent its letter of intent in September, followed by Anthony Lane Partners of Dallas, Texas. ALP later withdrew its letter of intent to purchase in October over a disagreement with the county over details of the deed.
Adoba then resubmitted its letter of intent after ALP withdrew its letter.
The reasons Adoba withdrew its letter of intent are not being disclosed at this time.
“There is nothing really further to add at this point,” Vivian said, “other than what we have already said.”
The KML remains for sale at the price set by the U.S. Department of Agriculture Rural Development of $1.5 million.