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Information taken from Wikipedia. Answers: Where the $6 million went, and what the future holds...
The hotel was purchased in a tax sale in 2002 by a non-profit organization named CityVest, who had plans to restore the hotel. Part of these plans included acquiring additional land, including an adjacent parking lot, and after advisement from appropriate professionals, demolishing the Plaza Tower and connector building, and leaving just the original 1897 hotel building. This demolition was completed in 2007. The money to accomplish this, over $6 million, came from federal, state and county government. The idea was to make the property attractive to potential developers. However, CiyVest failed to mothball the original Hotel Sterling, and the building now stands in a state of great decrepitude, and would cost up to $35 million or more to restore. This is aside from the cost of potentially developing the adjacent properties to make the eventual development viable. Such costs could reach $100 million.

During July 2011, CityVest indicated that they failed to attract an investor-developer to the Sterling site, and now wishes to demolish the remaining, original 1897 hotel, and local politicians agree with this course of action. It is expected to cost between $1 and $2 million to demolish the building.

In September 2011, Luzerne County suffered record flooding due to Tropical Storm Lee. Flood waters from the nearby Susquehanna River flooded the Sterling's basement to a height of several feet. While the water eventually drained, it left several inches of mud in the basement, and a subsequent inspection by local engineers determined that that parts the building may be in danger of collapse. This was reported by the Times Leader newspaper.[8] The city of Wilkes-Barre now plans to divert Market street traffic away from the Sterling as reported by the Times Leader.On November 17, 2011, Wilkes Barre City Council voted unanimously on a one million dollar project that would demolish the Hotel Sterling. The Sterling was to be demolished in February 2012.[9] As of May 1, 2012, the building remains standing.In June and July 2012 construction workers are beginning to rip down the building.

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