WaterStreet investors buy Coombs House Inn

Front door of the Coombs house in 1990.

Front door of the Coombs house in 1990.

From the Spohrer collection.
Published: Wednesday, March 26, 2014 at 09:58 AM.

On Feb. 27, an Apalachicola icon hanged hands.

The Coombs House, purchased by Bill and Lynn Spohrer in 1990 and lovingly restored, is the grand old lady of the historic district. The grand dame sat in state welcoming visitors to town and acquired sisters over the years forming an inviting yellow oasis on US 98.

The house, built in 1905, was badly damaged by fire in 1911. It sat deteriorating for decades. It would be difficult to estimate the service this enormous restoration project has brought to the town and its economy.

The inn at 80 Sixth Street, which has 23 guest suites, all with private baths, was purchased for a combined $1.56 million by a special purpose entity, CHI Apalach LLC, said spokesman Ketan Vora.

CHI is listed in state records as being managed by the Edgewater Valley Forge Fund, a limited partnership out of King of Prussia, Penn. Vora also represents investors in a sister property, the WaterStreet Hotel, which was purchased June 20, 2013 by Apalachicola Properties LLC.

CHI paid $1.46 million for the main Coombs House and the villas, including the 60-seat Camellia Hall. The adjacent Verandas Suites sold for another $98,400. CHI took out a mortgage of $1.17 million with Centennial Bank to finance the deal.

Will the Coombs sale be the end of an era? Only time will tell.



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