Jan. 22–An estimated 50 employees will lose their jobs when the Copper King Hotel and Convention Center closes Sunday night, the hotel’s sales director Marilyn Polich said Tuesday.
“It’s a big blow to Butte,” said Polich. “It’s a lot of revenue.”
An auctioneers’ convention and a soccer meeting will continue as planned through Sunday, she said.
“I can confirm the closure,” said Polich. “The doors will be closed Monday. We’re maintaining our events throughout the weekend. That’s what we’re doing this weekend — finishing our events out.”
Owner Ken Burningham, who lives in Seattle, did not return repeated calls from The Montana Standard.
Burningham has had the Copper King on the sales block at least since 2008, when he asked $6 million. Now, however, the asking sales price is “rock-bottom,” said Polich.
He wants “a little over
$2 million,” said Jim Smitham, director of Butte Local Development Corp., and who has worked with Burningham in the past.
Smitham said efforts will be made to help find a buyer.
“Nothing immediate will happen, so it will give us a little bit of a time frame for seeking out potential purchasers,” said Smitham. “We hate to see it close because it’s such an asset to the community.”
“This is another community factor that needs attention and we’re not going to abandon it,” said Smitham. “It’s too much of an asset to walk away from. We’ll look at all options, sources and connections.”
A group of Montana investors began leasing the space in 2010, but financing ultimately fell through, so Burningham took back ownership.
Polich acknowledged that potential buyers — locally and out-of-state — have looked at the hotel, but that an out-of-state hotelier recently backed out.
“We can’t do a whole lot when it can’t sell,” added Polich, who’s worked at the Copper King off and on for 15 years. “If somebody walked in with money this week, I think he (Burningham) would sell.”
Contact Renata Birkenbuel at Renata.Birkenbuel@mtstandard.com
