01/29/2013 04:58 pm ET

New Chateau Owners To Vacate Residents For Gut Rehab

Although officials still did not announce the new owners of Hotel Chateau on Tuesday, their lawyers did share plans to completely gut and rehab the facility.

Mitchell Asher—he's the lawyer representing the newly formed LLC behind the building’s buyers—told a judge during a hearing Tuesday that his clients have the funding to complete the renovation. However, that means residents will need to find somewhere else to live.

“This building will be completely gutted,” Asher said. “… It has to be vacated.”

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