"Status of Cold Wars" Topic

Well with the announcement that the Host is being auctioned off on the 14th of December what effect will that have on Cold Wars?

No comment so far on the official HMGS group. I wonder if they even knew?

well, I hope our BoD is scrutinizing our contract…it may very well allow the Host to "bug out" for such a situation with an XX day in advance notice of cancellation.

Even with a sale in December, it might take several months to "close" the sale.

So perhaps CW is ok, but beyond that…..

Looks like that situation of moving our conventions may present a "hard stop" sooner than later.

Admittedly, I am not an expert on most profitable land use for Lancaster, but I'd put my money on the purchaser using this property for use OTHER than a hotel.

Oh and here is the listing for the auction…some interesting data here. Like the 34.9% occupancy rate [over what time frame I don't know]…but

link

I have $67.86 USD in my PayPal account, so I'm spending most of it on buying the Host.

It would make a fine central location for a nuclear power plant spent fuel storage disposal.
Added benefit is that it would keep the mold in check! Or mutate it…

Interesting issues. I'm sure our contract is with the operating entity and contains a specific set of opt outs for both parties subject to conditions such as notification periods and penalties but, it appears the proposed auction is strictly for the real and personal property, not the going concern. If it sells as a pure property transaction, any recourse HMGS has will likely be with the former operator.

I hope Plan B will not be necessary but is there a current live Plan B?

I'm not bidding one cent, since I don't want to be caught with the environmental cleanup fees that place will generate.

some interesting data here. Like the 34.9% occupancy rate [over what time frame I don't know]…but

Probably an average…perhaps over the most recent years.

I'd put my money on the purchaser using this property for use OTHER than a hotel.

Perhaps but it will likely be commercial unless the buyer wants to go through the pain, time and expense of rezoning.

According to the auction link,

Auction Starts 12/14/2015
Auction Ends 12/16/2015

As this is an actual auction and not a traditional real estate sale, I expect the closing to be days or maybe a week or so after the end of the auction.

No matter how you slice it, this does not look so good for HMGS.

Auctions like this are usually cash on the day.

DM

If the property is bought the new "owners" are not legally bound by any contractual obligations executed by the previous owners of the property. Even if the new owners decide to continue running the property as a Hotel.

Thus, HMGS would have to negotiate new contracts with the future owners, and pursue any financial redress (i.e. Recovery of Deposits, or Past Due Payments) through the local courts with the previous owning corporation.

As the property is being auctioned, unless PA has some unusual laws pertaining to Property Auction Sales, such sales are generally "Final" once a winning bid is made, and payment in full is made. Generally, payment is due at the time of the close of the auction, the keys are handed over once the check is in hand! There is no closing. The new owner also has the right to request all occupants to vacate the premises immediately should they choose!

So I think it's fair to say Cold Wars, and Fall In may no longer have a place to call home at the Host!

As the land is far more valuable then the buildings, or even the business you can pretty much bet a developer will have wrecking balls ready to move in on the day after the auction is closed!

IF it sells. They may have a minimum bid that might not be met. Then things would or stay as normal for at least Cold Wars. Perhaps we should stop the Henny Penny stuff until we see how this shakes out.

The Wildwood convention center should be a perfect spot for CW and FI! Plenty of seedy hotels nearby too.

Well, I am not surprised to hear of this..guess the Host isn't getting Historicon back,…

Good!!

That isn't good at all.

nazrat,

The minimum bid is set at about 2.2 million! Two years ago the land alone was valued at about 10 million with another 8 million for the buildings.

There will be plenty of developers ready to jump on this just for the land value! The buildings will be leveled as they aren't worth keeping, but the land will increase in value, and provide even a modest profit by itself!

Historicon has lost over 1/3 of its attendance and this double body blow to CW and FI just may kill the goose (HMGS) that laid the golden egg. It also shows why it was a very bad idea to put two cons at the same location.

I cancelled my CW room as who knows what craziness may result when the place is sold.

I am curious about the silence from the board of directors of HMGS on this. With property auctions it is standard practice to mail out letters prior to the auction to those effected by it. When a condo was going to be auctioned off in a complex where a friend lived he said he was notified of the impending auction a month before.

Yeah the silence is not good.

Two factors – there is no guarantee that the auction minimum will be met and a potential buyer is unlikely to cancel booked events, in a venue that is only showing an occupancy rate in the 30s, unless bulldozers are waiting in the wings….

They are well aware. See the HMGS yahoo group.

Notice how all the "grave dancers" are from the usual distant zip codes?

Be careful what you wish for!

TRU

I am not on the yahoo group, nor a HMGS member. I am curious what they are saying.

I am not on the Board of Directors. However, I can assure folks that the BOD is aware of the situation with the Host. I am sure that when more information is available, that someone in an official capacity will make an announcement via the YM site, as that is the official communication channel of HMGS. I imagine they will also post in the Yahoo group and possibly here.

Hi all,
This message was posted on the HMGS yahoo group. I am posting it here for those who have not seen it yet……

The HMGS Board learned of this situation at the same time as everyone else.

Representatives of the Host contacted us this morning to inform us of the impending auction. However, due to the nature of the sale they are unable to provide any details beyond what has already been released publicly.

Obviously, people are concerned but it would irresponsible of us to make guesses at this time as to what may happen to the Host after the sale.

We are attempting to gather more information and will provide it as soon we have something concrete to report.

Best Regards,
Paul Trani
President – HMGS, Inc.

Move it to Hershey PA, it even has an Outlet Mall nearby.

hersheylodge.com

I suspect the BoD will be informed when the new owner gets around to it.

The BoD needs to post on the Cold Wars page. Post to a yahoo group with less than 400 members.

It should easily make the minimum bid.

Some quick and dirty math:

160 acres (most of which is the golf course)
1 home per acre
$400,000 USD per home
17% profit margin

$10,880,000 USD

DM

Thanks Paul.

That stretch of Route 30 frontage is primarily recreation, retail, dining or hotel/motel. There is a bit of residential not far behind the highway frontage but I believe access to it is mostly from feeder roads rather than direct connection.

Whatever does eventually replace the Host, I vote we start a collection to build a memorial to the spot's rich wargaming heritage. We could have a bronze "hall pig" placed on a pedestal surrounded by hand carved, overflowing toilets set upon moldy carpeting all of which would be roofed over by a blue tarp. There would be a minimum weight requirement for all those who come to pay homage. However, the memorial would only be temporary. I'm sure someone will spend a fortune in an attempt to upgrade it and move it out of state in a few years.

Don't know what numbers you used, but the average golf course is 74 acres. So that leave 86 for development. I'm sure you'll lose 10% for road, sewer, storm water control and other public uses. So you're down to 67 acres. On the other side, I would expect 1/3 to 1/2 acre lots. But you're right, at about $16,500 USD/acre, it's a great deal.

And most if not all the residential directly behind the Host is Amish I think – and/or grandfathered in, zoning wise. Who in their right mind would buy a house nestled in among all those shopping centers ? Not exactly peace and quiet.

If they build them, people will buy them. I've seen house put in the silliest of places that sell like hotcakes. Noise won't be an issue. But I bet they get a traffic signal.

I think the Hershey lodging is very good. Plus in the summer it is very family friendly with early admission to the theme park.

When WBC looked at Hershey as a potential venue ( a week after Historicon ) the room rates were pushing $200 USD a night for space near the con venue site. Granted, that was during the summertime. Maybe for Fall In/Cold Wars the rates would be more comparable to the Host.