Beach hotel under new ownership

Published: Tuesday, January 1, 2013 at 03:43 PM.

A Carteret County hotel that has been closed since September 2011 is officially under new ownership.

No upset bids were filed, paving the way for a Georgia-based company to take over the Sheraton Atlantic Beach property.

Newport Group Inc., of Augusta, Ga., submitted a bid of $4.56 million for the property during a foreclosure sale held last month at the Carteret County Courthouse. A required 10-day period for upset bids ended last week without any being filed with the Carteret County Clerk of Courts office.

Barry Mann of the firm Manning Fulton in Raleigh, the attorney who handled the foreclosure sale, said he confirmed Friday that no upset bids were made and signed the required paperwork transferring ownership to Newport Group.

"As soon as I signed the deed they became the new owner," Mann said in a phone interview.

Mann served as substitute trustee in the process and signed a substitute trustee’s deed Friday, which was being taken to Beaufort to be recorded with the Carteret County Register of Deeds.

"The previous owner had the last deed and under the foreclosure the substitute trustee has the authority to deed the property to the highest bidder," Mann said.

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