GREEN BAY, Wis. (AP) — A judge has approved the sale of Green Bay’s Hotel Northland for $33.3 million to the only bidder who submitted an offer.
The Green Bay Press Gazette reports that the bid was submitted by 304 North Adams Green Bay LLC, a partnership between Greenwood Hospitality and an affiliate of Octagon Credit Partners.
Greenwood Hospitality would operate the property and invest about $2.8 million.
Brown County Judge William Atkinson issued an oral ruling on Monday. He heard testimony from the owners of Hotel Northland and others. Atkinson said he believes the testimony backed up a valuation that was in line with the sole offer.
Attorneys representing the Northland co-owner and construction manager Keith Harenda tried to present the offer as a low-ball bid designed to enrich Greenwood and Octagon while not paying Harenda what he’s owed.
The sale is expected to close by June 1.