CHICAGO, IL – HFF announced today that it has been named to market for sale the 131-suite Residence Inn by Marriott (top left photo) in downtown Milwaukee, Wisconsin, a high-quality, urban select-service hotel.
HFF will market the property, which is unencumbered by a management contract, on behalf of the owner, Investcorp International, Inc.
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 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 (furniture, fixtures and equipment 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 former Gimbel’s (later Marshall Field’s) department store. The hotel maintains the look and feel of the original building’s neoclassical architecture while providing a modern physical plant, amenities, and features.
The HFF investment sales team representing Investcorp is led by senior managing director Dan Peek (middle right photo) and director Danny Kaufman (middle left photo.
“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,” 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:
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
No comments:
Post a Comment