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154-room Hotel Mead in Wisconsin Rapids, Wisconsin Sold at Sheriff’s
Sale to February 2011 Court Appointed Receiver,
Balmoral Realty, for $2 Million
 

WISCONSIN RAPIDS, Wis. (July 27, 2011) – Wednesday, July 27 marked the sheriff’s sale for Hotel Mead, a landmark hotel in Wisconsin Rapids, Wis., and Balmoral Realty, LLC Property Management Company, the real estate subsidiary of WoodTrust Bank headquartered in Wisconsin Rapids, was the  successful bidder with a sale price of $2 million.  The hotel went into receivership on February 1, 2011 after the previous owners were unable to make loan, real estate and room tax payments, at which time Balmoral was appointed by the court as the receiver.  Since then, Balmoral has satisfied all outstanding tax obligations, with no new tax payments due until the end of 2012.  In operating the property, Balmoral has provided a seamless transition for guests and employees.

According to Jeff Gellerman, vice president of Balmoral, they’re looking forward to continuing to operate the hotel and making improvements to the physical plant and the guest experience.  “Local businesses and individuals have expressed solid support for Hotel Mead since we became involved, and we’re pleased for that vote of confidence,” said Gellerman.  “We’ve enjoyed this experience and look forward to seeing the hotel continue to be a tremendous asset for Wisconsin Rapids for many years to come.  We invite the community to stay tuned for future improvements.”  Balmoral intends to continue operating the property until an acceptable and stable buyer can be found.

Gellerman went on to acknowledge the hard work and cooperation of employees during the transition.  He also pointed to the contributions of Inn Development and Management Group (IDM Group), the day-to-day managers of the hotel, in creating a positive experience for overnight guests and those choosing the hotel for special events.  IDM Group, headquartered in Fort Atkinson, Wis., is a leading purveyor of boutique hotel development and management services in the Midwest.  In every community in which it has a presence, theirs is the leading property.

Hotel Mead, with its distinctive soaring architecture, was originally built in 1951 by Consolidated Papers.  In 1979 an east tower was added and in 1998 a west wing.  It is located at 451 East Grand Avenue on the city’s east side.  The property includes 154 guest rooms and suites, meeting and special event facilities, two on-site restaurants, and pool and fitness center.   Hotel Mead currently employs nearly 90.
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Contact:
 
Jeffrey Gellerman
Balmoral Realty, LLC
715.422.0280
jeff.gellerman@woodtrust.com

Connie Barbian
Principal, IDM Group
920.691.1045
cbarbian@inndevmgmt.com


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Also See: IDM Group, LLC Chosen to Manage 154-room Hotel Mead & Conference Center in Wisconsin Rapids, Wisconsin Now Owned by Balmoral Realty, LLC / March 2011

The Delafield Hotel, a 38 Suite Luxury Hotel Located Just West of Milwaukee Has New Ownership Partnership - 616 Hotel, LLC and IDM Group, LLC / October 2010

IDM Group Takes on Expanded Day-to-day Management of The Delafield Hotel in Delafield, Wisconsin / August 2009
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