New liquor license issued to SheratonWoodbury City Council approved a new liquor license last week for the Sheraton Hotel restaurant.
By: Riham Feshir, Woodbury Bulletin
Woodbury City Council approved a new liquor license last week for the Sheraton Hotel restaurant.
The license is now held by Wischermann Partners, Inc. after the company became the receiver for the hotel.
“We’ve been appointed by the court to manage the hotel and act as the receiver,” said Paul Wischermann, president of the company.
The hotel is owned by JLT Group Inc., and Jerry Trooien, who filed for Chapter 11 bankruptcy last year and began reorganizing some of his assets.
Trooien, who owns extensive real estate in the area, owed about $100 million to various creditors and was able to come up with a plan to share earnings on a 50-50 basis last year, according to court documents.
Steve Thomas, general manager of the Woodbury Sheraton Hotel, confirmed that the property is still owned by Trooien and it is not in foreclosure status.
However, the court appointed Wischermann to take care of the hotel, Wischermann said.
Receivership means the company provides stability and continuity for ownership groups and financial institutions during transition periods.
“Too often, hotel values plummet when the day-to-day operations suffer from uncertainty and lack of attention to detail,” according to the company’s website. “We help overcome these obstacles with a focused management effort and smooth transition into normalcy.”
According to city staff, Trooien consented that Wischermann Partners apply and receive the liquor license.
“Nothing has changed on a day-to-day basis,” Wischermann said. “We operate the hotel as we do and we expect that to continue, and the hotel is doing very well.”