Hotel to Undergo Multi-Million Refurbishment
MILWAUKEE–(BUSINESS WIRE)–Woodmont Lodging, a leading hotel company, Blue Vista Capital Management, a leading real estate investment firm, and Milestone Companies, a premier full-service real estate development company specializing in hotel assets, today announced the joint venture recapitalization of the 388-room Sheraton Milwaukee Brookfield Hotel in Wisconsin. Woodmont Lodging and Milestone Hospitality will acquire a minority interest in the hotel and provide asset management services. Blue Vista Capital Management will be the lead investor in the transaction.
“The Sheraton Milwaukee Brookfield Hotel benefits from its prime location in the reinvigorated Brookfield submarket,” said Elliott Estes, principal, Woodmont Lodging. “The region continues to see strong investment, including the $24 million, 44,000 square foot Brookfield Conference Center, the redevelopment of the 100-plus store, 1.0 million-square-foot Brookfield Square Mall and the $32 million Milwaukee Tool headquarters expansion, all recently completed. The hotel, especially after its comprehensive renovation this winter, will be well-positioned to be a destination for the group, business and leisure travelers to the area.”
Situated at 375 South Morland Road just off I-94 in Brookfield, Wisconsin, the Sheraton Milwaukee Brookfield Hotel is surrounded by more than 2,000 businesses and multiple office and industrial parks. The hotel provides approximately 19,000 square feet of meeting space, a heated indoor pool, a seasonal outdoor pool and will feature a renovated fitness center. Guest rooms are equipped with an oversized work desk and ergonomic chair, complimentary Wi-Fi and deluxe bathroom amenities. The hotel also features an Executive Lounge accessible for Club floor guests, serving complimentary food and beverages through-out the day.
“While the hotel has received more than $10 million in improvements and upgrades since 2015, we plan to invest a significant amount of capital to further refurbish the hotel starting this winter with a targeted completion date in the Spring of 2021,” added Estes. “We recognize the challenges posed to today’s traveler and look forward to partnering with Marriott to apply the most up-to-date and forward-thinking innovations to the renovation. Following the completion of these renovations, the hotel will regain ‘like-new’ status and be positioned perfectly to serve any traveler to southeastern Wisconsin.”
The Sheraton Milwaukee Brookfield Hotel project marks the third hotel transaction completed by Woodmont Lodging, Milestone Companies and Blue Vista since 2018.
Woodmont Lodging
Woodmont Lodging is focused on the acquisition and aggressive asset management of hospitality assets across North America, with a focus on focused service and select value-add opportunities. The company also delivers financial results to third-party owners through advisory engagements and asset management services.
Milestone Companies
Milestone Companies is an award-winning hotel management, investment and development firm with a dedicated team of hospitality industry professionals that have amassed more than 100 years of combined experience in property management, asset management and hotel renovations. Over the past 30 years, the principals of Milestone have been involved in the acquisition and/or management of more than 125 hotels located across the United States with an aggregate value in excess of $1.5 billion. Milestone provides property management services through its wholly-owned affiliate, Milestone Hospitality Management, LLC. The Milestone Companies are headquartered in Baltimore, MD, with satellite offices in Harrisburg, PA, Greensboro, NC and Los Angeles, CA. For more information, visit www.milestonehotels.com.
Blue Vista Capital Management
Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate strategies in student housing, middle market equity and middle market lending. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender. Since its inception in 2002, the firm has invested over $10.2 billion as of December 31, 2019 in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, visit www.bluevistallc.com.
Contacts
Chris Daly, media
(703) 435-6293
chris@dalygray.com
