News for the Hospitality Executive |
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. |
Contact: Jeffrey Gellerman Balmoral Realty, LLC 715.422.0280 [email protected] Connie Barbian Principal, IDM Group 920.691.1045 [email protected] |