Eau Claire hotel sells for $1.655 million - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Eau Claire hotel sells for $1.655 million

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Eau Claire (WQOW)- A foreclosure auction Tuesday to sell the former downtown Eau Claire Ramada Hotel and city officials are surprised at the high bid.

There were more than 60 bids placed between two businessmen with the winner buying the property for $1.655 million.  WQOW spoke to that man after and he told us he's a Minneapolis investor who plans to fix up the hotel and get it running again.  That's something that is music to the city's ears.

"We are very excited that someone wants to take this project on.  I think they know that it has to have a lot of investment to it," says Economic Development Administrator Mike Schatz.  "We are anxious to see what their plan is and to get it going."

The winning bidder did have to put 10 percent down Tuesday and has another 10 days to come up with the rest of the money or else the property could go to the second highest bidder.

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