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Ramada employees buy 'the farm.' (Green Bay, Wisconsin, employees purchase hotel)

Ramada employees buy |the farm'

The employees of the Ramada Inn of Green Bay, Wisconsin decided to make their dream come true. Their Employee Stock Ownership Plan (ESOP) has made their Ramada the first hotel in the nation to be employee owned and operated.

With the support and assistance of the board of directors of the hotel's former owners, Fox Heights Motels, Inc., General Manager Jerry Lintz researched the possibility of purchasing the Green Bay property through a leveraged ESOP. The ESOP Trust purchased 52 percent of the company's stock and it is the intent of the Ramada employee team to purchase the remaining 48 percent by 1995.

Through the trust, the hotel's profits are used to purchase stock on the employees' behalf at a rate of 25 percent of their yearly income. Currently, 62 of the 84 staff members are plan participants.
COPYRIGHT 1991 Hagedorn Publication
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Jul 17, 1991
Words:143
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