This story has been updated with comments from Hotel State College & Company CEO Joe Shulman
The seven Hotel State College & Company businesses that reside in the iconic building at the corner of West College Avenue and South Allen Street are for sale.
The Corner Room, Spats at the Grill, Bill Pickle’s Tap Room, Zeno’s Pub, The Basement Nightspot, Chumley’s and the 13-room Hotel State College have been for sale since at least May, according to an online sale listing.
“We have decided as an ownership group to put our properties on the market at this time,’ Hotel State College & Co. CEO Joe Shulman said in a statement. ‘Several of our partners have been involved as owners since 1986 and are at a position in their lives where they want to retire. Through new ownership we are confident that the businesses will continue to thrive for many more years to come.”
The building, which is separately owned by the Friedman family, is not for sale, Friedman Real Estate Group CFO Charlene Friedman told StateCollege.com last week.
According to the listing by Zamias Services, the asking price for the Hotel State College & Co. businesses is $2.5 million. Combined, the three restaurants, two pubs, one night club and one hotel comprise 38,327 square feet.
The businesses’ liquor license and all furniture, fixtures and equipment are included in the asking price. They pay ‘below market rent,’ according to the listing.
Easily the most well-known location in State College outside of the Penn State campus, the property itself dates back to 1855 when it was Jack’s Road House. A hotel opened in the 1860s and the restaurant became The Corner Room in 1926. Over the years the hotel became less prominent while the other restaurants and bars were added.
Shulman said the current businesses employ approximately 250 people, making Hotel State College & Co. Centre County’s 26th largest employer.
“It is very important for us to maintain all of the positions in our company through this transition, everyone from the front-line folks to the management team,’ Shulman said.
