City finalizes deal to sell Clarion Hotel
Green Bay officials said Friday they finalized the deal to transfer ownership of the former Clarion Hotel, 201 Main St., to American Hospitality Management.
The city and American Hospitality agreed to a land contract, allowing the company to pursue a new brand agreement and, later, traditional financing.
The city purchased the property for $2.8 million in March 2013, largely to protect plans for expanding the KI Convention Center and connecting it to the hotel. American Hospitality, already the property manager, was selected to buy the hotel from the city for $2.7 million and another $5.3 million in improvements.
The convention center expansion and renovation of the hotel are scheduled for completion in later summer or early fall 2015.
Reported by: greenbaypressgazette.com
The city and American Hospitality agreed to a land contract, allowing the company to pursue a new brand agreement and, later, traditional financing.
The city purchased the property for $2.8 million in March 2013, largely to protect plans for expanding the KI Convention Center and connecting it to the hotel. American Hospitality, already the property manager, was selected to buy the hotel from the city for $2.7 million and another $5.3 million in improvements.
The convention center expansion and renovation of the hotel are scheduled for completion in later summer or early fall 2015.
Reported by: greenbaypressgazette.com
