HFF named to market for sale Residence Inn by Marriott in downtown Milwaukee

CHICAGO, IL – The Chicago and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have been named to market for sale the 131-suite Residence Inn (centered  photo below) by Marriott in downtown Milwaukee, Wisconsin, a super high-quality urban select service hotel.

HFF senior managing director Dan Peek (middle right photo) , director Danny Kaufman  and managing director Jaime Fink (Wisconsin Lic. #54163) (middle left  photo)  will lead the investment sales team on behalf of the owner, Investcorp International, Inc.

The hotel is being sold with the potential for a new investor to assume attractive in-place, fixed-rate, financing.

The Residence Inn is located at 648 North Plankton Avenue, along the west bank of the Milwaukee River and West Wisconsin Avenue, in a high density, in-fill area at the heart of downtown Milwaukee’s central business district.

Completed in 2001, the property underwent a significant $1.8 million ($14,000 per room) renovation in 2008.

 The renovation impacted all areas of the hotel and was particularly focused on the suites (FF&E replacement) and high-touch areas of the property.

The property is downtown Milwaukee’s only all-suite hotel and is part of a larger mixed-use re-development of the landmark former Gimbel’s (later Marshall Field’s) department store.

The hotel successfully maintains the look and feel of the original building’s neoclassical architecture while providing a thoroughly modern physical plant, amenities, and features.

“The Residence Inn is a landmark property; a dominant and highly recognizable hotel. It is located at the nexus of downtown Milwaukee’s office, retail, convention, entertainment, and residential districts. The hotel offers guests high ceilings and windows, large suites and best-in-class finishes.

" The property’s Marriott brand affiliation is also a significant competitive advantage in terms of driving room- night demand and rate. The Residence Inn is positioned for strong improvements in operating performance as the broader economy improves,” said Peek.

“The Residence Inn consistently outperforms and leads the downtown Milwaukee market, and its competitive set, which includes several well established full-service hotels.

" The property’s focus on extended stay and corporate business, combined with the property marketing team’s mature relationships with the city’s top demand generators, allow it to maintain historically high and stable occupancy and rate levels,” added Kaufman.

Contacts:


Daniel C. Peek, HFF Senior Managing Director, (305) 448-1333, dpeek@hfflp.com
 Daniel A. Kaufman, HFF Director , (312) 528-3650, dkaufman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com