The man was originally held for assaulting a security guard as he left the burning building.
Officials say 31 year old David Soltysiak agreed to plead no contest in order to avoid first degree arson charges, which come with a life prison sentence.
James Linderman is the Emmet County Prosecuting Attorney.
“He came in today at the 90th district court in Petoskey and pled no contest to 2nd degree arson and felonious assault.”
Soltysiak could face up to 24 years in prison.
Linderman said sentencing for the case will likely take place sometime within the next Month.