UPDATE - APPLETON, Wis. (WFRV) The Radisson Paper Valley Hotel is under new ownership. It's been sold for nearly $18 million to GCCFC (Greenwich Capital Commercial Funding Corp), with LNR Partners, a Miami-based real estate investment firm, acting as the servicer.
Along with the Paper Valley went the Holiday Inn Neenah Riverwalk for just under $3 million. The hotel, most recently owned by Watermark Hotel Investors - went into a court-ordered receivership in June after the company defaulted on a $27 million balloon payment.
The Radisson hotel is at the heart of a $20 million Exhibition Center plan. The group that wants to build the center is waiting to speak with the hotel's new ownership. The city's Economic Director tells Local 5 an Exhibition Center could generate $105 million annually for the Fox Valley. By comparison, the Performing Arts Center (PAC) generates $17 million annually.
Many say this space, to be located behind the Paper Valley and connect by a sky-walk, is needed to accommodate an increase in demand for trade shows.
