Mystery developer has until Monday to decide about Ramada - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Mystery developer has until Monday to decide about former Ramada

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Eau Claire (WQOW) - Decision day for a downtown hotel is right around the corner and we're getting a better idea of what could happen.

Last week, SBM Holdings failed to pay the balance on the former Ramada, which it won at a sheriff's auction.  That gave the runner-up the chance to buy, a decision they must make by Monday.  Alan Van Dellen, a commercial real estate attorney representing the Minneapolis firm Leonard, Street and Deinard, had the second highest bid at $1.65 million.

Van Dellen would not reveal who they represent, but says their client is interested in downtown Eau Claire and wants to create a hotel amenity the downtown has not had.  He says that would likely include a "fairly substantial makeover of the hotel."  Van Dellen says if they decide to move forward, the expectations are they would make the full payment on Monday.

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Eau Claire (WQOW) -- An area hotel may be heading back to the auction block.

Last week SBM Holdings failed to pay the balance on the Ramada Inn. They won the hotel at a Sheriff's auction in September for $1.655 million.  Today their $175,000 deposit was forfeited and paid to the original lending company.

For now, the future of the hotel is waiting on the firm with the second highest bid from the September auction. They have ten days to decide if they still want the property for their $1.651 million dollar bid. We reached out to the Minneapolis firm that placed the runner-up bid. We have not heard whether their client is still interested. If they decide they don't want the property, the hotel will go to auction for the third time.

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