More than four dozen local investors banded together to sweeten the deal and bid from Jay and Denise Hartz to purchase the hotel. Their offer was accepted by the hotel’s title holder, Raccoon Valley Bank late last week and a purchase order has been signed.
The Hartz family currently lives in a St. Louis, Missouri suburb. Jay has more than two decades of experience in the hotel and hospitality industry and the family plans to relocate and operate the hotel from here in Perry.
Dan Spellman With Perry Economic Development says roughly 50 local investors have stepped up to partner with the Hartz family. He says two different types of investment options were offered, a debt financing option starting at $5,000 and equity financing starting at $25,000. Spellman says everyone he approached about the opportunity to become involved was very excited and eager to jump on board. He says investors will be offered perks such as free hotel rooms, room discounts, access to the fitness facility and an annual banquet type appreciation event.
Spellman says the Hartzs’ hope to close on the property within 30 days. During that time they will be working to get it clean and in tip-top shape before reopening shortly after.
Perry Mayor Jay Pattee says the Hartzs’ expressed interest in the Hotel Pattee a year ago when it was on the market but at the time it wasn’t feasible for them financially. When the landmark closed abruptly July 31st, the Mayor says he reached out to Jay Hartz to see if they were still interested.
Jay Hartz says he and his wife Denise are ecstatic about this “amazing journey” and he’s thrilled things are coming together. He calls the relationship with local investors a “marriage made in heaven” and says it really verifies that the community supports their goals for the hotel.
Hartz says he and Denise plan to end their career with the Hotel Pattee and they couldn’t think of a better place to settle down but Perry, Iowa.
Mayor Pattee says “it has been great to watch the community rise up and take ownership in the Hotel that they love so much”. He feels that the Hartz model is the best scenario for the future of the hotel and the town.
Bob Wilson with the Perry Area Chamber of Commerce says this is another example of how Perry can shine and really take pride in the town. He looks forward to getting back into the tourism industry and promoting Perry to a wide variety of visitors.
Pattee quoted one of Roberta Ahmanson’s favorite quotes and one that‘s inscribed in the hotel “Remember the well digger” and joked that now he believes the water quality just got better in Perry.