A hotel dealSourced
He took over a hotel
with a borrowed $20 fee.
Wine entrepreneur Armand Ceritano took over a struggling Philadelphia hotel in 1976. The $20 filing fee was borrowed, but the deal also transferred a mortgage of about $6.8 million to him.
The small fee came
with a huge liability.
Summary / translation: Unbubly · CC BY-SA 4.0
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Armand Ceritano · Wikimedia contributors
Adapted, summarized and translated from the source. Adapted text is also available under CC BY-SA 4.0.
Reviewed: 2026-10-01