News Summary
The Iron Horse Hotel in Milwaukee, facing multiple financial challenges, has been acquired by its lender for $15.75 million following a sheriff’s sale. The acquisition comes after a foreclosure lawsuit and Chapter 11 bankruptcy filing by the hotel’s owner. Proceeds from the sale aim to address significant outstanding debts. Despite financial struggles, hopes for stability have risen with the appointment of a new management firm, as well as plans for future refinancing.
Milwaukee—The Iron Horse Hotel in Milwaukee’s Walker’s Point neighborhood has been acquired by its lender, RSS, for $15.75 million at a recent sheriff’s sale. The sale was finalized by Circuit Court Judge Paul Van Grunsven after multiple legal challenges and financial troubles faced by the hotel’s owner, Rider Hotel LLC.
The acquisition follows a foreclosure lawsuit initiated by RSS against Rider Hotel LLC, led by developer Tim Dixon, in 2021. Subsequent to the lawsuit, Rider Hotel LLC filed for Chapter 11 bankruptcy in 2022, citing long-term financial struggles exacerbated by the COVID-19 pandemic. The bankruptcy filing provided a temporary pause to the foreclosure proceedings, allowing for negotiations aimed at resolving the company’s debts.
However, ongoing financial difficulties led to multiple failed attempts to resolve the debts satisfactorily, prompting a Milwaukee County Circuit Court judge to authorize the lender to move forward with foreclosure proceedings in June 2023. The hotel was put up for auction on August 25, 2023, attracting only one bid, which was submitted by RSS. The sale was approved by Judge Van Grunsven shortly thereafter.
Proceeds from the sale are expected to address Rider Hotel’s significant outstanding debt of $27.9 million. Earlier this year, the hotel was auctioned, but no bids were accepted at the time. In late 2023, an agreement was reached enabling Dixon’s group to maintain control of the hotel and bring their loan current, providing some temporary stability.
In October 2024, the bankruptcy case was officially closed following a further agreement with RSS, which included plans for refinancing the loan by February 2025. Crescent Hotels and Resorts, a Virginia-based firm, has been appointed as the hotel’s receiver following the June 2023 foreclosure ruling.
The Iron Horse Hotel, known for its biker-friendly atmosphere, first opened its doors in 2008. The establishment is ideally located near the Harley-Davidson Museum and is recognized for its three public-facing restaurants and bars: Branded, Ash Heart and Bar, and The Yard. The six-story property is a redeveloped warehouse originally constructed in 1907, reflecting a blend of history and modern hospitality.
While there is hope that the recent acquisition will lead to a more stable future for the Iron Horse Hotel, the path to recovery remains closely tied to the ongoing financial strategies and management decisions being orchestrated by the hotel’s new leadership.
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Additional Resources
- BizTimes: Lender Acquires Iron Horse Hotel
- Urban Milwaukee: Iron Horse Hotel Faces Sheriff’s Auction
- JSONline: Milwaukee Boutique Hotel Faces Foreclosure
- Travel Wisconsin: Thursday Bike Night Series
- Milwaukee Magazine: Questions for Downtown Milwaukee’s Hotel Scene
- Wikipedia: Hotel
- Google Search: Iron Horse Hotel Milwaukee
- Google Scholar: Iron Horse Hotel Milwaukee
- Encyclopedia Britannica: Iron Horse Hotel
- Google News: Iron Horse Hotel
Author: STAFF HERE MILWAUKEE WRITER
MILWAUKEE STAFF WRITER The MILWAUKEE STAFF WRITER represents the experienced team at HEREMilwaukee.com, your go-to source for actionable local news and information in Milwaukee, Milwaukee County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Summerfest, Milwaukee Film Festival, and the Milwaukee Boat Show. Our coverage extends to key organizations like the Metropolitan Milwaukee Association of Commerce and Visit Milwaukee, plus leading businesses in manufacturing and brewing that power the local economy such as Harley-Davidson and MillerCoors. As part of the broader HERE network, we provide comprehensive, credible insights into Wisconsin's dynamic landscape.
