Popular Georgetown Restaurant Fighting Foreclosure
The Brick Inn and Restaurant
GEORGETOWN, Del.- The Brick Inn and Restaurant, a building that dates back to 1836, still thrives in Georgetown. Many visitors, guests and patrons would hate to see it close. However, the historic hotel and inn is facing foreclosure. M & T Bank began a foreclosure filing back in April.
The current owners, Lynn and Ed Lester, took the loan out on The Brick Inn. Now they owe the bank more than $2 million. Still, the Lester's said they are optimistic, want to work this out, and are open for business.
Patrons say its rich past makes it crucial to downtown Georgetown.
"It's part of our history and it's iconic and its in the perfect location and I would hate to see anything happen to," said Kathy Gorman of Georgetown.
The Lester's opened The Brick Inn in 2009. She said the bank is running out of patience in terms of going to settlement.
"The reality is that after the first two-and-a-half years, during which time Ed and I had been supporting the project personally with personal funds, we were no longer about to do that," she said.
The Lester's have been working through the foreclosure process and now have their chance to save The Brick.
"It offered us the opportunity to sit down and have a personal conversation with them about the situation with them and that will take place before the end of November," Lynn Lester said.
She said the business has grown since they opened the 14-bedroom inn and restaurant after renovation in January 2009. She is optimistic that they can make a resolution with the bank and pay back debts.
"We'll be able to meet our obligations and The Brick is going to continue to grow and thrive and support all the activities that we have been doing for four years," Lynn Lester said.
If The Brick Inn gets to the steps of final foreclosure action, it could be auctioned in a sheriff's sale. But, the Lester's hope an agreement is reached before it comes to that point.
Saturday, May 18 2013 10:19 AM EDT2013-05-18 14:19:20 GMT
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