WEST WARWICK, R.I. (WPRI) — The deadline for final offers to purchase West Warwick’s iconic West Valley Inn banquet facility and its surrounding 11-acre property passed on Tuesday.
Potential buyers had until 5 p.m. to submit their best offer in writing.
Eyewitness News sat down exclusively with the listing broker, Jeff Butler, to talk about the prospective buyers on Tuesday. While Butler couldn’t offer specifics about what the offers were, he did say there’s at least one offer on the table that could be accepted.
“We have four offers on the table that we’ll be considering over the next 24 hours, and let the prospective buyers know what the outcome was by tomorrow at 5 p.m.,” Butler said.
According to Butler, some of the prospective buyers would aim to maintain the banquet business, while others might look to redevelop the property.
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“There are so many different options with this sort of a property so I don’t know what direction they’ll actually take,” he said.
The R.I. Department of Labor and Training was set to hold a job fair for displaced workers from the inn on Wednesday, but that has been postponed at the request of the inn’s owners.
“Well I think until the dust settles about who is going to take over ownership, it would be premature to do so,” Butler said.
Priced at $1.5 million, the West Valley Inn has been on the market privately since late 2014. According to Butler, the recent media attention brought by the inn’s closure has put the sale on a fast track in the last two weeks.
“It has facilitated it,” Butler said. “It has expedited [the process].”
Stay with Eyewitness News for details on the West Valley Inn sale.