The city of Green Bay reached an agreement with the owners of Hotel Northland clearing the way for sale of the 102-year-old building.
The deal will cost the city $1 million but was made because it stood to lose $2.6 million still owed on a $4.4 million U.S Department of Housing and Urban Development loan if the hotel went into foreclosure. Under the agreement, the city will receive $1 million from the sale of the building at 304 N. Adams St. The city will also retain $550,000 in a reserve account created when the loan was made in 2014.
The purchaser of the Hotel Northland said they will continue operating the hotel under Marriott’s Autograph Collection.
“We’re really excited about the property. We think it has a chance to be kind of put back into its old glory, its old iconic self,” said Blake Malecha, chief investment officer of Tertium Development.
The hotel reopened in 2019 after extensive renovations.
“This is the best option for the city in a less-than-ideal scenario,” said Green Bay Mayor Eric Genrich. “The incoming owner understands the value and importance of the Hotel Northland to the city, and they’re in a good position to improve the property for the benefit of the community. I wish the Council and administration hadn’t been put in this situation, but I’m satisfied with the agreement we’ve negotiated, recognizing the alternatives were worse for the city financially and worse for the health of our downtown.”
