The hotel, named for its unusually colored exterior, has sat empty since it closed in 2007. Its owners filed for bankruptcy protection in December. On Friday it sold for $8.3 million. That paves the way for a long-stalled development to move forward.
A $20 million redevelopment plan would include a boutique hotel with banquet and meeting space, plus 40 to 60,000 square feet of retail space.
