GREEN BAY, Wis. (WBAY) – Green Bay City Council members decided to hold off on an independent audit of Hotel Northland.
About a month ago, Council President Tom De Wane brought up the idea to hire an independent auditor to take a closer look at the project and why it's run into financial problems.
Instead, the council decided to give the developers another month to get all of their finances together and give the council an update on where they are with securing a new senior lender.
City Council members received an update from Hotel Northland’s Brigette Breitenbach and Keith Harenda Tuesday night.
Breitenbach said Hotel Northland hasn’t found a senior lender yet, but they are hoping a new real estate investment firm can help. Hotel Northland is now working with Sonneblick Eichner to help them expand their search for a senior lender. She said the firm is currently working on project details and will soon he heading out to find a senior lender.
“We continue to work with our junior lenders on this project and our existing partners are working on a strategy to get the building finished and that is important for us because they believe it eliminates a major obstacle in securing a loan for a half-built hotel,” said Breitenbach.
City Council members have decided to forgo the third party audit and let the developers continue work with the real estate investment firm.
Council members also decided to hold all items related to Hotel Northland for 45 days unless something significant happens. After 45 days, the city council members will revisit the progress of Hotel Northland.
Part owner Harenda said he is hopeful they will, “resume construction of the hotel soon.”
Mayor Jim Schmitt said he is confident the hotel will open this year.