An investor group reached an agreement to buy the Olympia Resort and Conference Center and spend up to $10 million to transform the resort about 30 miles west of Milwaukee.
The investors are Lorn Dilley, an Appleton attorney; Gary Malchow, an Appleton hotel consultant; Darrell Ducat of Perrysburg, Ohio, a hotel owner and professional bowler; and Roy Smith of Dayton, Ohio, a hotel owner and real estate broker.
The sellers are Marine Midland Bank of Buffalo, N.Y., and the State of Wisconsin Investment Board. Randy Eckert, a spokesman for one of the investors, said the price would exceed the resort’s $5.4 million assessed value.
Renovation of the hotel’s 386 rooms and its conference center is expected to start soon after the closing date, which is expected no later than July 19.
