Downtown Hotel Sold
Posted: September 17, 2013
Eau Claire’s downtown hotel and convention center was sold on Tuesday morning to a Minneapolis investor in a foreclosure auction.
Wayne Miller of commercial investment firm SBM won the hotel with a final bid of $1.655 million. Miller spoke to reporters after the auction saying that he has never owned a hotel before, though he has plenty of experience investing in other sectors. Miller plans on making much needed renovations and acquiring a new franchise for the former Ramada Conference Center.
This is not the first time the hotel has been auctioned. The first auction, held earlier this year in July, came about as former owners Singh Brothers Properties were foreclosed upon. They won that auction and placed the required 10 percent down payment, but were unable to pay the remaining amount.
While the new owner’s company name is strikingly similar to that of the previous owners, SBM and SBP respectively, Miller told reporters the firms have no relation.
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