Atlanta's legendary Clermont Motor Hotel, scheduled to be auctioned off Tuesday on the courthouse steps, has won a 90-day reprieve.
The building's owner, Atlanta-based Inman Park Properties, has worked out a deal with his lender that will put off foreclosure proceedings for three months.
That should provide enough time to find a buyer who wants to preserve the 85-year-old landmark, said Gene Kansas, who is selling the property for Inman Park Properties.
"It's an important building to save for Atlanta," said Kansas.
Kansas said he worried that a foreclosure could bring new owners more apt to tear down the building than save it.
The Clermont was built in 1924 as an apartment building and was converted to a hotel in 1940. The 108-room hotel offers budget rates, but is best known for the Clermont Lounge strip club housed in the basement.
The lounge has become an iconic part of the city's night life, a hipster hangout where trendy types mingle with aging dancers.
Inman Park Properties paid $3.4 million for the property in 2003. The company, which has been hard hit by the real estate crisis and recession, is delinquent on the loan and is trying to sell the building. The list price: $6.5 million.
Support real journalism. Support local journalism. Subscribe to The Atlanta Journal-Constitution today. See offers.
Your subscription to the Atlanta Journal-Constitution funds in-depth reporting and investigations that keep you informed. Thank you for supporting real journalism.