Cambridge Landmark Nabs 481-Key Hyatt in Milwaukee
- Jul 24, 2018
Cambridge Landmark has acquired the Hyatt Regency Milwaukee, a 481-key, full-service hotel situated downtown in Milwaukee from Noble Investment Group for a reported $37.3 million. Once the deal closed, a new franchise agreement was drawn up to have Hyatt Corp. continue to operate using the Hyatt Regency brand.
“This acquisition furthers Cambridge Landmark’s strategy of ownership-driven hotel investment with assets in medium-to-large U.S. domestic markets,” Pedro Miranda, Cambridge Landmark’s managing partner, said in a prepared statement. “With a great property in a premier location, and forthcoming renovations and refurbishments, we anticipate this property will drive long-term value to the expanding Cambridge Landmark portfolio.”
The Hyatt Regency Milwaukee boasts two on-site dining options, a world-class business center, a state-of-the-art fitness center and 33,000 square feet of meetings and event space. According to Miranda, plans are underway for a multi-million-dollar renovation that will include upgrading rooms, enhancing the lobby and improving the hotel’s 33,000-square-foot conference center.
Built in 1980, Noble originally acquired the hotel for $43.9 million in 2007 from its developer, Gary Grunau and his partners. About nine years ago, the property underwent $19 million in renovations, with changes to its guest rooms, lobby and lounge area.
Situated in the bustling downtown district, the asset is adjacent to the Wisconsin Center convention facility, making it a convenient option for meeting guests. The hotel is even connected to the facility by a skywalk. It is also just blocks away from the Shops of Grand Avenue and will be close to the new multi-purpose arena that will be home to the NBA’s Milwaukee Bucks.
Interest in Milwaukee is picking up thanks to an improved business climate. A recent report by the Metropolitan Milwaukee Association of Commerce revealed that 15 of the 22 available metro area business activity indicators registered improvement in May.
In addition to this acquisition, the Milwaukee hotel market has seen some activity of late. In February, Marriott opened the Four Points by Sheraton Milwaukee Airport, a 178-key location and conference center situated within half a mile of Milwaukee’s General Mitchell International Airport.
Image courtesy of Hyatt