The May 18 “trustee sale” auction scheduled for Ocean Shores’ largest hotel will not happen, according to Wes Raborn, general counsel of the Shilo Inn.
The auction was announced due to the Shilo owing more than $170,000 in loan payments, plus more than $100,000 in taxes.
“We’ve reached an agreement with the bank,” Raborn said last week. “There’s not going to be any sale.”
“We fully cured the loan,” Raborn said. “We’re 100 percent in compliance. It’s business as usual and we fully expect to have a good summer.”
He said all back taxes have been paid.
According to the Grays Harbor County website, the Shilo paid its 2010 taxes of $65,348 and 2011 taxes of $70,615. (It is also current in 2012, having paid half of this year’s $96,479 taxes.)
Renee Givens of Trustee Services confirmed that the trustee sale has been “discontinued.”