The bidder who planned to purchase Alaska's ferry Taku and turn it into a waterfront hotel and restaurant in Oregon has backed out of the deal.
The Juneau Empire reports that officials with the Alaska Department of Transportation and Facilities say the sale was expected to close in early December, but the winning bidder withdrew, citing factors such as regulatory problems in Portland.
Jonathan Cohen on behalf of KeyMar LLC offered $300,000 for the 352-foot surplus vessel in September.
The state offered the ferry to the second and third highest bidders after the Portland group withdrew last month.
Department officials say the new winning bid is $171,000 from Jabal Al Lawz Trading Est. of Dubai.