UW-Oshkosh Becoming Co-owner of City Center Hotel

The City Center Hotel in downtown Oshkosh sitting on the banks of the Fox River will soon be under new ownership.

Two local investors -- the University of Wisconsin-Oshkosh and the Wogernese Hotel Group -- have agreed to purchase the property.

It's expected to give the nearby convention center a big boost.

UW-Oshkosh Chancellor Richard Wells says it's a deal that doesn't involve tax dollars.

"This is designed to be a successful business, and so what will happen is, is the investment that's made in the purchase and renovation of the hotel will be paid back through the revenues generated by the renting of rooms," Wells said.

Plans right now, call for $8 million in renovations to the property.

Across the street, the convention center should help fill rooms.

"This is huge for downtown,"Eileen Connolly-Keesler of the Oshkosh Area Community Foundation said. "It brings conventions downtown that spill out into the community.  They spend money when they're downtown. We have to take care of this hotel to bring conventions to this community."

Day-to-day operations at the hotel won't be run by the university, but it will provide a place, to hold conferences and host visitors close to campus.

As part of the deal, the city plans to provide financial incentives.

"A major component of this will be some type of city support, and I've indicated to all of the groups associated with it that we would certainly work with them to get a tax increment finance -- TIF -- district going," Oshkosh City Manager Mark Rohloff said.

So far the sale price of the hotel is not being disclosed. A deal is expected to be finalized within 90 days.

Reported by:  ABC2WBay