One Door Forecloses: Another One Opens - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

One Door Forecloses: Another One Opens

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Eau Claire (WQOW) - The owners of Eau Claire's downtown Ramada say they plan to make it a first-class hotel.  A foreclosure sale on Tuesday offered another twist in the story of the hotel.

Singh Brothers Properties, or SB Hotel Management, had the highest bid in a sheriff's auction at $1.4 million.  They've owned the Ramada since 2004, but have run into problems.  They owe more than $1.5 million to their lender and Ramada.  Their lender, who is suing the owners, was the only other bidder for the property.  Bankruptcy attorneys say it's rare, but not unprecedented for a business that's going through foreclosure to buy it back at auction.

The company had to put 10% down, or $141,000, on Tuesday and is scheduled to finalize the sale on July 24th.  It would then have another 10 days to come up with the other 90%.

The company's attorney says the owners are planning major renovations and will pair up with another national hotel brand.  The attorney says outside management has not done a good job in the past and they plan to bring in a new management team.

 

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