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News » Hotels' owner facing foreclosure
June 1, 2012
Two area hotels face an uncertain future, after the owner of both properties defaulted on its loans.
The foreclosure process started this afternoon for the Radisson Paper Valley Hotel in Appleton and the Holiday Inn Neenah Riverwalk.
The ownership group reportedly had trouble finding financing for a balloon payment on both properties, and may now have to unload them.
Pam Seidel of the Fox Cities Convention and Visitors Bureau says she's optimistic that the process won't have a noticeable impact on the hotels.
Appleton Mayor Tim Hanna says the Paper Valley hotel is having one of its best year's ever, and he's sure another company will be interested in it. He says the proposed expo center that would be attached to the hotel should be a good selling point.
Hanna says it's not uncommon for hotels to change hands because of financing problems with an ownership group. |
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