Wednesday, June 20, 2012

Menomonee Falls Project Missed Public/Private Investment Axiom

Listen to the market, as John Norquist would have put it.

These terms explain why Menomonee Falls taxpayers are looking at investment costs and red ink related to a 135-room hotel:

The village two years ago lent $17.65 million to the hotel's owners, Lodging Investors of Menomonee Falls LLC.

The village is owed $14.4 million in principal, plus an unspecified amount of interest and other costs, the suit says.

The hotel's assessed value is $8.4 million. If the village sells it for that amount after taking over the property, it would face a roughly $6 million loss - not counting the attorney's fees and other costs...

Lodging Investors started renovations on the former Falls Inn in 2008 but could not get private financing to complete the conversion during the global financial crisis that year.


Whatever said...

Makes ya wonder about that big Kohl's deal that the Falls made. Last time I heard their earning were down.

Hornes' Lodging said...

Ya know I was thinking the exact same thing. Great minds think alike eh? @Whatever. also I like your choice for your name