Mountain Ends in January

The deal to sell the seven-story, 60,000-SF Mountain Inn of Fayetteville to Stella Moga to be renovated into a $12 million Crowne Plaza Hotel should go through in late January. Construction can begin immediately after that, said John Nock of American Municipal Securities, which is serving as Moga’s investment banker.

Nock said the Sept. 11 terrorist attacks delayed the closing by about three months.

“There was this period where nothing was getting done,” he said. “People were sitting back and waiting to see what happens. … Believe it or not, it’s probably going to get done.”

Nock said plans for the 108-room hotel have been changing constantly. One of those changes involves the entrance, which was going to be on Mountain Street. Now, Nock said, the old entrance on Center Street will be preserved and used as the main entrance to the hotel.

Moga is a developer from Westlake, Ohio. American Securities is based in St. Petersburg, Fla. Nock works in the company’s Fayetteville office.

The Mountain Inn was built in 1866.