Minneapolis entrepreneur buys former Ramada
Posted: September 20, 2013
The former Ramada Convention Center, 205 S. Barstow St., Eau Claire, was purchased for $1.655 million by a commercial real estate investor from Minneapolis at a sheriff's auction this week. Wayne Miller of SBM Holdings, who described himself as an entrepreneur, outbid Allen Van Dellen of ECHC Properties of Minneapolis to acquire the downtown hotel.
"Our team is going to assess all that needs to be done as soon as possible and get the property back to where it should be," said Miller, who added that he has reached out to several potential major hotel chains since Ramada dropped its affiliation with the downtown lodging property last year.
"It's too early to say anything at this time, but we have some level of interest from several brands...It's our objective to get a flag as soon as possible," he said.
Although Miller said he has no experience in the hospitality industry, he has private lending experience in the telecom industry and with boats, cars, planes and helicopters. "But most of my lending is in real estate, though," he said.
Minneapolis-based Singh Brothers reacquired the former Ramada property at a July 2nd sheriff's auction for $1.41 million. However, the Singhs were not able to make the final payment prior to the two-week deadline. As a result, the Singhs lost their $147,000 deposit and the property went back on the auction block. Dougherty Funding of Minneapolis is owned $1.6 million after loaning Singh Brothers the funds to acquire the hotel in 2004. TBL