ELLENVILLE – Patience, they say, is a virtue. However, that virtue is in short supply in and around the Ellenville-area when it comes to the Nevele Grande Resort, which has been under contract to be sold to Brooklyn-based Tricon Development since mid-January. Rafi Weiss, president of Tricon, promised hundreds of jobs to residents of the area should the company close on the property, as they have plans to invest in bringing the property to five-star resort status. According to Marvin Neuman, president of Auction America Realty, it's possible that the sale may close within two weeks. Neuman's company was hired by current-owner Joel Hoffman last summer to broker the sale of the property.

"He's doing what's called due diligence right now," said Neuman in a phone interview on Tuesday. "This is his time to figure out everything about the hotel."

When news of the potential sale first broke less than a month ago, it was reported that Tricon had 60 days under the contract to close on the property.

However, despite this relatively short wait, the lack of information coming from those involved in negotiations has caused some to cast doubt onto whether the sale will actually be completed. This doubt is on full display in a Monday Times Herald-Record article that points to the fact that negotiations are still ongoing as proof that the "deal hangs in the balance." However, in truth, there's no clear indication or evidence to suggest that the sale won't be finalized.

Among its allegations, the article claims that Hoffman's former business partner, Mitchell Wolff, is seeking "ownership of the Nevele, which could push Tricon out of the picture." The article also makes mention of an e-mail that issues a January 31 deadline for Ulster County to provide an incentive package to the buyer.

Regarding the lawsuit, however, the article's claims are something of an over-simplification.

"He is looking to have a receiver put in place for all of the assets that they held in partnership to pay off the judgment that he owes," said Jeff Kaplan, whose law firm, Kalter, Kaplan & Zeiger, is representing Hoffman in the lawsuit between the two. "He is applying to the court to have a receiver appointed because he's claiming that, in effect, Joel Hoffman is not properly maintaining the property, and he, as the judgment holder, can be negatively impacted by that."

Having a receiver appointed to the property is one method to ensure that Wolff is satisfied on the $2 million judgment against Hoffman. The judgment was obtained in a civil suit in New Jersey last year, and the $2 million has yet to be paid by Hoffman, causing Wolff to file suit in Ulster County where Hoffman's asset in the Nevele is located. While it is conceivable that Wolff could indeed take control of the Nevele in lieu of the $2 million he's owed, the hotel is not currently taking in any revenue, therefore making it unlikely that such a transfer would push any buyer willing to pay millions of dollars for the property out of contention.

Furthermore, the aforementioned January 31 deadline for Ulster County to offer a package to the buyer is something of which Ulster County Development Corporation president Lance Matteson has no knowledge.

"I'm not aware of a January 31 deadline," said Matteson on Monday. Auction America's Marvin Neuman, likewise, knew of no such deadline.

But while some details of the deal are being kept private until the buyer finally signs on the dotted line, some other important questions remain unanswered. In early January, a press release was published announcing a $476 million joint venture-capital deal between Tricon and Interstate Hotels and Resorts, which seemed to offer an explanation as to the means of the developer to purchase the Nevele. Web-searches and consultations with those in the hotel and resort industry regarding Interstate Hotels and Resorts point to an Arlington, Virginia-based company known for owning and managing hotels throughout the world.

However, calls placed to Virginia's Interstate revealed that no such deal existed with Tricon.

"We do not know who Tricon is," said Leslie Ng, the chief investment officer for Interstate. "We have no involvement at all with the project. I'm aware of the press release you're talking about, and that started a series of legal motions that we're undertaking."

Neuman and Weiss have both said, in response to inquiries about Ng's disavowal, that the Interstate Hotels and Resorts named in the press release is, in fact, a different company than the Arlington-based firm. According to Neuman, Weiss is involved in a company named Interstate Hotels and Resorts, and that Weiss would be offering more information about the company next week.

"We have a company that was in a different facet of real estate," said Neuman in reference to the other Interstate company. "You can have the same corporate name clear in different states."

Neuman also said that Tricon had just finalized a purchase of a resort called the Thomas Edison Inn in Michigan on Monday. The purchase would seem to show Tricon's interest and ability to pursue the resort business. And with hundreds of jobs at stake for the Ellenville-Wawarsing area, there's no question that residents and local officials alike want to see the sale close.

"Everyone knows he has the money," said Neuman, "and that's what's the most important factor. He has the money, he wants to do his due diligence, he is moving forward, meeting with people right now."