GREEN BAY, WI (WTAQ) – A judge Monday has ruled in favor of new ownership of a historic downtown Green Bay hotel.
Hotel Northland was sold to 304 N. Adams, Green Bay, LLC for $33.3 million.
The group will operate the hotel as Marriott Autograph Collection property, with Greenwood Hospitality managing the property with a $2.8 million investment.
The sale is expected to close by June 1st.
The troubled project is estimated to be 70 percent done.
The hotel was formerly owned by Keith Harenda.
Earlier this year, a judge’s ruling allowed Octagon Credit Partners LP to loan the money to finish the $45 to $50 million project, putting subcontractors back to work after progress was at a stand-still for several months.
The hotel’s financing trouble started in late 2016 when the top lender pulled its $12.8 million loan, accusing the project’s developers at the time of loan defaults.
The hotel must open in 2018 to see the benefits of historic tax credits.
Green Bay Mayor Jim Schmitt says the hotel will be open and operating this fall.
