Tertium Development has purchased Hotel Northland in Green Bay for $20.9 million, according to Wisconsin Department of Revenue records.
Tertium, headquartered in Dubuque, Iowa, completed the transaction under the Iconic Northland Hotel LLC.
The city of Green Bay reached an agreement with the previous owners of Hotel Northland clearing the way for sale of the 102-year-old building in July.
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.
