Colorado motel owner running out of time for financing

12/19/2011

Motel owner Qi Lin Wu has experienced difficulty finding motel financing to help rebuild and renovate his facility, in Craig, Colorado, following a fire that devastated the building two years ago, the Craig Daily press reports.

A faulty wall-mounted heated sparked a fire in a room at the Craig Motel in October 2009, destroying nearly half of the property.

In the period since then, Wu has been given time to rehab the property, but thus far been unsuccessful.

"We're affording the gentleman some time to seek some financing to rehabilitate the motel," Dave Costa, Craig city director of community development, told the news source. "Based on the economic hard times, he has had a little difficulty with his insurance coverage and collecting on the fire damage."

Wu allegedly reached an insurance settlement for the motel, but according to Wu, "it's not enough to replace the motel," he told the media outlet.

The news source notes in a separate article that a resident who owns a home next door to the motel has had trouble selling her home because of the charred eye sore.

Should Wu's efforts remain stagnant by next spring, the city will place a lien against the property and action will be taken.