State sells 'Taku' ferry to Oregon developer

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The state of Alaska is selling one of its retired ferries to an Oregon developer who wants to turn it into a floating hotel.

The state was auctioning off the ferry 'Taku', which has been out of service since 2015.

The ferry is 352-feet long and was built in 1963.

Although all the bids for the ferry were below the state's reserve price of $350,000 dollars, the state opted to accept the $300,000 dollar bid from Key-Mar LLC, which was far higher than the other two offers.

The Portland-based group says it plans to make the ferry into a floating hotel that would be docked at a pier in Oregon's largest city.