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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.

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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.


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