David Colby, whose family formerly owned the Algonquin Hotel (of Algonquin Roundtable fame) writes to protest Miller Global's sale of the property. And if any of you are interested in buying a slightly used and much-loved former literary hangout, he's proposing some sort of buyout.

Here's the startling news concerning the Algonquin Hotel.

Its owners, the Denver-based Miller Global, have hired the real estate giant Cushman & Wakefield to execute the sale of the moribund property. The same company was used to broker the Plaza Hotel deal so things do not bode well for the future of the Algonquin.

The sale of the Algonquin will mark the fourth time that it has changed hands in the eighteen years since my grandparents, Ben and Mary Bodne, relinquished their control over the Algonquin. Prior to that, my family owned, operated and lived in the Algonquin for forty-one glorious years.

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I fear the inglorious fate that awaits the Algonquin if it falls prey to a real estate investment trust, or REIT. These companies are typically detached from any emotional aspect of hotels, its staffs and historic legacy. With break-neck alacrity they have scorched a trail through the New York landscape buying out as many older hotels as possible, shutting them down, and converting the property into expensive condominiums. Such a sale would almost certainly bring about the extinction of a legendary New York landmark and unemployment to a loyal staff of whom some are lifers who've worked at the Algonquin since the good old days when my family ruled the roost. The buyers would call that a victory. I'd call it a tragedy.

My goals will only be fulfilled when I can safely say that the potential decimation of the Algonquin Hotel has been averted, its integrity protected and I have been granted the opportunity to mount a
multi-dimensional cultural renaissance and a thriving hotel business at the Algonquin. It is the opinion of expert hotel industry analysts whom I have consulted with that my best chance of saving the Algonquin and keeping it in operating condition is to put a consortium of well-respected private investors together to buy the Hotel. That is precisely the process that I have hurled myself into.

As a managing member of our limited liability partnership, I beseech you to give careful consideration to supporting my mission by investing in our cause and encouraging other like minded people to do so. I need all the help that I can get as soon as possible. I would not initiate this dialogue if I did not think that you might share in my conviction that the Algonquin ought not be surrendered, and if
salvaged and nurtured can make for a worthwhile and profitable investment. My hope is that you can distinguish the value of what the loss of the Algonquin would be versus the potential that a revitalized, creative and visonary plan for the Algonquin might yield. I believe the upside to be enormous on all levels. If you agree it's also my fervent hope that you'd allocate enough capital into the grand total of money that it would take to rescue and buy the Algonquin. With that and the intellectual capital that you would bring to the table, I would welcome your contribution to this partnership with an equal measure of gratitude.

I have assembled a team of trustworthy colleagues who are completing a comprehensive business plan and competitive bid to buy the Algonquin. I have a first-class management team in place tailor-made to effectively lead the Algonquin into the future.

Based on the calculations of my financial advisors, the asking price for the Algonquin to be maintained as a hotel will be in the neighborhood of 60-70 million dollars. Six to seven percent represents the proportion of interest that an initial investment will
yield. Higher returns will come once an expansive plan to utilize the Algonquin brand name in commercial, philanthropic and community outreach ventures is implemented. The cut off date to submit bids is fast approaching (By the end of the week). Momentum is building,
however. Civic organizations are mobilizing to admonish the ownership not to sell out the Algonquin. Liz Smith in her column today has sent the message out in no uncertain terms.

Please heed my call. I need you. The Algonquin needs you. New York needs you to say no to progress if progress is a passing real estate trend that will snuff out a place as sacred as The Algonquin forever.
Once it shuts down there's no going back. Help me steer the Algonquin forward into a future filled with exciting, meaningful and lucrative possibilities.

Please feel free to forward this letter along to anybody that you can think of who might have interest investing in the greater good. I am available to discuss matters further and will be happy to furnish
you with specific financial data in conjunction with the sale. I can be reached at 212-673-4980 or email me at dbcolby@yahoo.com

Thank you.

Sincerely,

David Colby