Watermark and Montclair Partner to Acquire Two Wisconsin Hotels
JANUARY 18, 2007. A Partnership led by affiliates of Watermark Capital Partners, LLC and Montclair Hotel Investors, Inc. has acquired two leading full-service hotels located in the Fox Cities area of Wisconsin. The Radisson Paper Valley Hotel, a 390-room, full-service conference hotel located in downtown Appleton, is one of the leading convention and group conference hotels in the State of Wisconsin. It is also home to the renowned Vince Lombardi Steakhouse and host to all National Football League teams that visit the Green Bay Packers at their home Lambeau Field Stadium. The Holiday Inn Riverwalk, located in downtown Neenah, is a full-service property offering 107 guestrooms and 11,100 square feet of meeting space.
"Our long-standing relationship with Montclair has spanned a number of hotels and resorts and we are pleased to partner with them once again on the acquisition and improvement of these two irreplaceable assets," said Michael G. Medzigian, Chairman of Watermark Capital Partners, LLC.
"Montclair has managed the hotels for a number of years and has led significant renovations and improvements to the properties. We will immediately begin additional targeted capital investments that will further enhance the hotels," said Peter T. Cyrus, co-President of Montclair Hotel Investors, Inc.
"Both hotels are leaders in their respective markets and they have long been valued assets in their communities. We will continue to be active members of the Appleton, Neenah and regional communities, and to improve the properties for the benefit of our customers and associates," said Dennis Langley, co-President of Montclair Hotel Investors, Inc.
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