APPLETON, WI (WTAQ) - Appleton’s most notable hotel has been sold.
The Miami investment firm of LNR Partners bought the Radisson Paper Valley Hotel in downtown Appleton for almost $18 million.
The hotel went into a court-ordered receivership, after its previous owner defaulted on a $27 million balloon payment. But the Appleton Post-Crescent said the Paper Valley took in $14 million in 2012, for its best year since 2006.
Meanwhile, a $25 million exhibition center is being planned around the hotel – and the developer has been waiting for the hotel’s ownership concerns to be settled.
Walt Rugland of the exhibition center said LNR plans to sell the hotel eventually, whether it be now or in three years or so.
The Radisson Paper Valley is best known as the place where Green Bay Packers’ opponents stay the night before their games at Lambeau Field.