Local News in Brief : Hotel Staves Off Closing
The Breakers Hotel in downtown Long Beach received an 11th-hour reprieve and will not close Saturday, officials announced Monday.
Pending negotiations with a potential new partner in the landmark seaside hotel, First Interstate Bank is withholding foreclosure, according to Joseph F. Prevratil, president of Wrather Port Management Co., which runs the 62-year-old building.
The possible new partner is Los Angeles-based Stanwill Cos., which is in negotiations with Breakers Associates, the hotel’s owner.
Stan Castleton, president of Stanwill, has a history of acquiring ailing properties. In 1984, he was president of a firm that became the general partner for 17 major properties, including the troubled Beaudry Center downtown and the L.A. Airport Hilton.
Castleton said he would like to see the Breakers remain a hotel.
About 150 hotel workers were notified last Wednesday that the Breakers would close Jan. 2.