Judge approves $33.3M sale of Green Bay's Hotel Northland
10:38 PM, Apr 30, 2018
GREEN BAY, Wis. - A judge has approved the sale of Green Bay's Hotel Northland to the sole bidder for $33.3 million.
The Green Bay Press Gazette reports that the bid was submitted by 304 North Adams Green Bay LLC, a partnership between Greenwood Hospitality and an affiliate of Octagon Credit Partners.
Greenwood Hospitality would operate the property and invest about $2.8 million.
Brown County Judge William Atkinson issued an oral ruling Monday. He heard testimony from Northland co-owners and others. Atkinson said he felt all testimony backed up a valuation in line with the sole offer.
Attorneys representing Northland co-owner and construction manager Keith Harenda tried to present the offer as a low-ball bid designed to enrich Greenwood and Octagon while not paying Harenda what he's owed.