Penn State alumni looking to buy iconic Hotel State College businesses
Seven iconic Hotel State College businesses announced for sale have a prospective buyer.
In May, the 13-room Hotel State College, The Corner Room, Bill Pickle’s Taproom, Zeno’s Pub, The Basement Nightspot, Spats at the Grill and Chumley’s located on the corner of West College Avenue and Allen Street were listed for sale for $2.5 million through real estate company Zamias Services in Johnstown. The sale includes the liquor license and all movable furniture, fixtures or equipment, according to the original listing.
Michael Croce, president of Florida-based real estate and development company Pat Croce and Company, confirmed the company signed a sales agreement for the businesses Tuesday, but that several steps need to be completed before they close.
Croce, a 2004 graduate of Penn State, said he was looking for opportunities to return to State College more often. When the Hotel State College businesses went up for sale, he and his business partner and brother-in-law Jeff Sorg — also a Penn State alumnus — saw an opening. Both Croce and Sorg are based in the Philadelphia suburbs.
“We love that they’re old iconic brands that have a following that just need a boost of energy and a jolt, a new life,” he said Thursday.
Pat Croce and Company owns and manages several popular island-themed restaurant and bar brands in Key West and St. Augustine, but Croce said he has no plans to infuse the Hotel State College and Company brand with the tropics.
His father, former Philadelphia 76ers owner Pat Croce, started the company and began acquiring bars and restaurants in Florida after his resignation from the Sixers in 2001, reported Sports Illustrated. Though he remains majority owner, Pat Croce retired as chairman of the board in 2014 and Michael Croce and Sorg took over the day-to-day company management duties.
“In Key West when we bought some of the old brands, those were old iconic brands that we wanted to keep true to Key West,” Michael Croce said.
For State College, he wants the brands “to stay what they are and bring more people” in to enjoy them.
All current staff at Hotel State College and Company and its brands will remain the same with the acquisition, he said. “It’s all about people first and that’s our biggest goal. The who, not the what. We want to build these teams and we’ve got to do it together.”
“We’re excited about capital improvements,” he said, and increasing customer traffic to the businesses.
Curtis Shulman, director of operations at Hotel State College and Company, said they are still in negotiations with “a fantastic hospitality group.”
“These alumni’s value the history and traditions of Happy Valley and are looking forward to getting back to their alma mater,” he said in an email. “I am excited for our businesses, our brands and our community. Pat Croce and Company will be a wonderful addition to downtown State College.”
Croce said he hopes to close on the businesses by the end of the year.
“As alumni and as a small family business we’re excited to become a part of the town and the culture at Penn State and we want these brands to be the premier brand at the premier property in State College,” he said.
This story was originally published October 24, 2019 at 6:29 PM.
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