Menomonee Falls plans to keep Radisson open
Receiver seeks more control over hotel until it is sold
Menomonee Falls - The village of Menomonee Falls has every intention of working to keep the Radisson Hotel open, with trustees supporting a new petition that would expand the power of the receiver currently in charge of hotel operations.
The hotel, located on Main Street, has been at the center of litigation over the past year after the village provided a $17.65 million loan to the owner Lodging Investors LLC, which did not make its first two debt payments. As a result, the village filed a foreclosure suit in summer.
A court-appointed receiver, Seth Dizard, has been in charge of hotel operations and monitoring finances over the past year. According to village Attorney Randall Crocker, who made a presentation to the Village Board on Monday, Dizard filed a petition last week asking the court to expand his powers over the hotel. The Waukesha County Circuit Court has scheduled a hearing on this motion for early February.
The village supports the action.
"The village's and the receiver's latest actions are additional steps taken to fully and forcibly protect the rights and interests of the village through the court proceedings," Crocker said. "We remain confident that a result can be achieved through that process which will protect the village's interests."
Crocker said the receiver hopes the court will allow him to market and sell the hotel, make a voluntary assignment for the benefit of creditors, and remove Lodging Investors' management authority over the hotel.
For now, Crocker said the hotel will continue to be operated by Dizard.
Village President Randy Newman said the Nov. 1 interest payment on the loan has been made. The next interest payment is due May 1. He said the intention is to keep the hotel open and running for many years, as it is an asset to the village.
Crocker agreed, noting that operation, as well as use, of the hotel have all been positive.
"It's a very valuable asset," Crocker said. "It's a great location, and it's getting a lot of usage - and I think it will continue to stay that way."
Crocker's complete report on
the Radisson is available on the
Menomonee Falls village website at menomonee-falls.org.
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