As expected, the owners of the Paper Valley Hotel have taken steps in preparation for moving ahead with the future Fox Cities Exhibition Center by listing the hotel at the Auction.com website. “We have expected a sale of the hotel from day one, so this event is no surprise and is consistent with our planning,” said Mayor Tim Hanna.
The hotel is currently owned by a group of investors that once held the mortgage for the property. Hanna explained: “Their ownership was never meant to be permanent. So we understand that a sale at this time may serve several purposes.”
The auction format can establish the hotel’s value for its investors. And, a sale may also allow
one of the lead investors to acquire the property from the others, to take advantage of the
opportunities it expects the Fox Cities Exhibition Center will present. “We see this potential sale
as a vote of confidence by the hotel’s investors in the future of the Fox Cities,” said Hanna.
Through the Fox Cities Exhibition Center’s consultants, Hinshaw and Culbertson, LLP, the city
has been in discussions with the Paper Valley to come to an agreement on the management of the Exhibition Center. “Key elements that limit the city’s risk and protect the community’s
investment will need to be in the agreement. We expect the discussions to be completed soon,”
Hotel management remains fully committed to bringing the Fox Cities Exhibition Center to the
community. “It is business as usual here,” said Jay Schumerth, Sr. General Manager of the hotel.
He continued, “The Exhibition Center remains a high priority for us. Once the Exhibition
Center is built we can offer the community a full-fledged convention center, which will mean
many more visitors to the area.”
Just last month, the Paper Valley announced that it had completed over $1 million in upgrades to the hotel. This investment in upgrades, coupled with the strong financial performance of the Paper Valley over the past two years, provide further encouragement for the communities behind the Fox Cities Exhibition Center. “We see the great performance of the Paper Valley as a sign of strength for the Fox Cities and a positive indication of future success for the Exhibition Center,” said Hanna. “We’re continuing to work with our consultants and with the Paper Valley to bring a complete conference center to our community,” Mayor Hanna concluded.