The Ramada Jamestown Hotel is under new management. According to today’s Jamestown Post-Journal, the hotel was sold at auction late last month to the State Bank of Texas – which was the plaintiff in the case against Kaanam, LLC, which is controlled by Miland Oza. Last month, Carl Person, Oza’s attorney, said the auction was the consequence for failing to reorganize during bankruptcy proceedings.
In September 2010, Oza voluntarily filed for Chapter 11 bankruptcy but because he didn’t reorganize, bankruptcy court ruled in favor of State Bank of Texas, which decided to foreclose on the property. According to today’s report, the State Bank of Texas bid $2.2 million for the property during the auction. There were no other bidders. Prior to the auction, State Bank of Texas had arranged for a new management team to run the hotel after the auction.