August 04 1948
The Belleville News-Democrat, Belleville, Illinois, Wednesday, August 04, 1948
Bisno to Be New Owner
Los Angeles Man Completes Opening Negotiations With Belleville Group
Preliminary agreements have been entered into between a committee of stock holders of the Belleville House, Inc., and Alexander Bisno of Los Angeles for the sale of Hotel Belleville, the News-Democrat learned today.
Belleville House Inc., is the owner of the building and the Belleville Hotel Company, headed by S. J. Fowler, is the operating company. The lease of Fowler's firm expires next March 1 and Bisno and the operating company now are carrying on negotiations for transfer of the unexpired lease to Bisno.
Under the agreement between Bisno and the committee of stockholders, both sides have 45 days in which to complete the transaction. During that period the committee must deliver the approval of the transaction by at least two-thirds of the stockholders.
If the committee fails to deliver the necessary approval during that period Bisno has the right to withdraw from the agreement.
The purchase price and the financing terms were not announced. The 120-room six-story Hotel Belleville was completed in 1931. Fowler has been manager for the last 15 years.
Alexander Bisno and his two brothers now operate hotels in 38 cities in the United States, including the Broadview Hotel in East St. Louis. The new owner plans to spend a considerable amount of money in redecorating the hotel in event the transaction is executed.
