Catasauqua Tavern Owners Promise New Life For Lynn Township Landmark
Allentown, Pa. – The historic New Tripoli Hotel has been rescued from several years of financial and proprietary woes thanks to the intervention of a Catasauqua couple that has purchased the building with financing arranged through Lehigh Financial Group of Allentown.
Jackie and Carl Harford, owners of Fossil’s Last Stand on Race Street in Catasauqua, purchased the Lynn Township landmark on Aug. 22 after managing it for several months for the previous owners. A grand re-opening is scheduled for Oct. 1 and will include live music at 5 and 9 p.m., Jackie Harford said.
The purchase not only restores the liquor license for the establishment, it allows the Harfords to move ahead with some much-needed physical improvements to the building, which includes the restaurant-bar, five boarding rooms and two apartments.
“The first thing we are doing is putting a new hat on the old gal,” said Harford, explaining that work on the new roof begins this week. “It’s a beautiful building. We have enough working capital now that we can get the building back up to what it should be, but it will take a few years.”
The Harfords obtained a commercial loan that is guaranteed by the Small Business Administration to finalize the purchase and make the needed improvements and upgrades, said Jeff Barber of Lehigh Financial Group. Their success with Fossil’s was a key factor in obtaining approval for the financing because it demonstrated that they are experienced owners in the hospitality industry, he said.
“This is a classic SBA Loan where the government guaranteed loan program is helping a small businesses,” Barber said. “They were able to complete the purchase and we got them some extra money to fix it up the way it should be done. “They were the right purchasers for this location. Their experience running the place in Catasauqua helped convince our lender that they would succeed here,” Barber added.
Harford said she is excited to move ahead with the business and thankful for her staff of bartenders and servers who stayed with them for several months before they restored the liquor license. Entertainment for the grand re-opening includes the Garage Band, which will play from 5 to 7 p.m., and Trick Stacy – a popular regular act at Fossil’s — will start playing at 9 p.m., she said.
She also praised Barber and his team, which includes Lewis Edwards, for their patience and work throughout the financing process.
“Jeff was amazing,” she said.
Lehigh Financial Group, LLC is a leading source of innovative real estate capital solutions and financing options for commercial customers. The company, based in Allentown, serves the Lehigh Valley region by providing capital for businesses and investors locally, regionally and nationwide. For more information on how Lehigh Financial Group LLC can help your business, please see our website at http://www.lehighfinancialgroup.com.