FDIC keeps Lord Baltimore bids secret

July 02, 1992|By Timothy J. Mullaney | Timothy J. Mullaney,Staff Writer

The Federal Deposit Insurance Corp. refused to say yesterday how many bids it received for the Radisson Plaza Lord Baltimore Hotel, a landmark building that was repossessed by federal thrift regulators after its former owners defaulted on a loan for its renovation.

Only one bidder, Mount Vernon Properties of Baltimore, is known to have bid on the 440-room hotel, which remains open for business.

Larry Dirgo, a Texas-based adviser to Mount Vernon, did not say how much the company bid.

Mount Vernon also bid on the 66-year-old Lord Baltimore at an auction in January but was outbid by representatives of the FDIC.

FDIC spokesman Andrew Porterfield said the agency never discloses how many bids it receives for a property or who the bidders are until after a sale is completed.

The agency had set a deadline of Monday for prospective buyers to submit sealed bids for at least $6.9 million. The FDIC paid $6.85 million for the hotel in January, after the developers who renovated the hotel defaulted on a $16 million loan that had swollen to $22 million including unpaid interest and other charges.

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