A Wilmette, Ill.-based investment group has purchased the 135-room Radisson Hotel in Menomonee Falls. The sale was a quit claim deed transfer valued at $7.7 million according to state records.
The hotel, located at N88 W14750 Main St., just west of U.S. Highway 45, was built by a developer, Lodging Investors of Menomonee Falls LLC, that received a construction loan for the project of nearly $18 million from the village. The hotel opened in 2011 but the developer missed loan payments and village took control of the property last year.
The sale of the property allows the village to recoup some of the money it lost in financing the project.
With the sale of the hotel, it is now under new management by Schaumburg, Ill.-based Hostmark Hospitality Group.
“We are pleased to play a vital role in ensuring that this impressive property remains a vibrant member of the Menomonee Falls community, providing management stability, employment opportunity and execeptional accommodation for leisure, business and group clientele,” said Hostmark president Jerome Cataldo.