Posted: December 5, 2013 Lender casts lone bid for downtown Eau Claire hotel
By Andrew Dowd
Taken from the Leader-Telegram
A Twin Cities lending firm cast the lone bid of $1.45 million in Tuesday morning's sheriff's sale of a downtown Eau Claire hotel and convention center - the property's third time up for a foreclosure auction this year.
Dougherty Funding of Minneapolis - the firm that loaned Singh Brothers Hotel Management $1.75 million in 2004 to buy the Ramada Convention Center, 205 S. Barstow St. - will be able to sell or operate the hotel following payment of its winning bid.
Eau Claire attorney John Leary, who represents Dougherty, declined comment Tuesday to reporters asking about the lender's plans for the hotel.
During the previous two auctions in July and September, the winning bidders lost their deposits after failing to pay their full bid price. The Singhs lost a $147,000 deposit from the first auction and Minneapolis investor Wayne Miller forfeited $175,000 from the second auction.
Those payments go toward debt the Singhs owe to Dougherty from a foreclosure judgement entered a year ago by Eau Claire County Judge Jon Theisen.
While Singh Brothers Hotel Management retained ownership of the property during the past year, the court had appointed a company to run it since May.
S&L Hospitality of Verona ran the business through a receivership agreement, but the money-losing hotel and convention center ultimately closed on Nov. 24.
For more on Eau Claire's downtown hotel and its future, read Wednesday's Leader-Telegram in print or online.