(Dec. 7, 2018) The future is uncertain for the Lankford Hotel, built nearly a century ago on the Boardwalk and Eighth Street by Mary B. Quillen, after the property was listed on the real estate market for $16 million by Coldwell Banker on Nov. 30.
Originally constructed by Quillen in 1924, the Lankford Hotel has remained family-run and is currently operated by fourth generation descendants.
The Lankford Hotel is located between 801-805 Atlantic Avenue, with 200 feet of ocean frontage and a total lot size of more than 41,000 square feet.
Additionally, the parcel includes the nine-apartment unit Ayresbuilt, the three-story Sea Robin and the Lankford Lodge, which includes a pair of apartments and 11 rooms.
Overall the property covers 43,222 square feet, with more than 50 rental units and half dozen commercial storefronts.
According to the property’s listing, the asking price breaks down to about $370 per square foot, with annual taxes totaling $123,533, including $82,816 for Worcester County and $40,717 for Ocean City property taxes.
Susan Jones, Ocean City Hotel-Motel-Restaurant Association executive director said the potential sale would close the book on a longstanding tradition.
“It’s a unique property because it’s been in the family for so many years,” she said.
Jones said in the early 1960s Quillen’s niece, Betty Frame, and her husband, Warren, took the reins at the Lankford, with their daughter Sally Rutka bought the property years later. She more recently handed responsibilities to her daughters, Sarah Karst and Mary David.
The hotel got a major makeover and operational changes in 2013, when it was featured on the Travel Channel’s “Hotel Impossible.”