An aerial view of Olympia
Resort: Hotel, Spa and Conference Center, which is up
for sale at a listed price of $5.9 million.
Olympia Resort: Hotel, Spa and Conference Center, a
storied institution in Oconomowoc for several decades,
is up for sale at a considerable price.
The more than
135,000-square-foot property at 1350 Royale Mile Road
and the rights to the businesses are being sold together
at a listed price of $5.9 million - a rate of $31,052
per room, Devin Piehl, a broker at First Weber
Commercial, said Tuesday.
Piehl, who is in
charge of the listing, said it has received interest
from several parties in a short time.
Rick Eckert, who
has owned Olympia for several decades, would prefer to
sell to an individual or group that would operate the
property and business in a similar fashion - as a hotel
and convention center, Piehl said.
Eckert, who is in
his 70s, had expressed a desire to retire in
conversations with The Freeman last year and Piehl said
that desire remains.
The sale of the
property would include the name, but the new operator
would have the choice of rebranding.
experience, Piehl said he suspects the new owner would
likely be affiliated with an existing hotel brand,
giving Radisson as one example.
Piehl said he is
taking advantage of Olympia's staff, using its
10-person, "seasoned" managerial staff as a sort of
"The new owner is
going to need staff," Piehl said. "Everyone stays on in
a transaction like this."
Rumors of sales, retirement
have swirled before
plans last fall to convert the property into a
138-apartment retirement village for those 55 and older.
The proposal met
a great deal of opposition from the city of Oconomowoc.
In a Nov. 15 meeting the Oconomowoc Common Council
rejected both a proposed rezoning of the property and
the creation of a Planned Development Overlay District
ordinance for it by moving both items back to the city's
Plan Commission. The biggest concern council members had
at the time was the lack of detail involved with the
Eckert told The
Freeman on Nov. 29 that he had decided to axe his plans
in favor of keeping the property a resort due to recent
developments. He said the reopening of Highway 67 had
provided huge hope for the future of Olympia, adding
that the long-term work on the major highway had caused
considerable struggles for the business.
Eckert said his
views on the future of 55-and-over retirement villages
had soured, citing saturation.
talked openly about his desire to soon change his
"I'm 70 years
old. It's time for me to retire," he said in the
<<EARLIER: Axed Olympia Resort conversion raises