Shelton, Conn.-based New Castle Hotels & Resorts announced today that it purchased the Hampton Inn and Suites hotel in downtown Milwaukee for $10.9 million.
The 138-room hotel is located at 176 W. Wisconsin Ave.
New Castle, a hotel owner, operator and developer, said it plans to complete systems upgrades at the hotel that are currently underway.
“With strong revenue management and some overdue infrastructure upgrades, this hotel has tremendous upside potential,” said David Buffam, chief executive officer of New Castle Hotels & Resorts. “We continue to seek out opportunities for New Castle to expand its footprint beyond its predominantly east coast presence and this hotel meets all of our investment objectives.”
The 10-story building was constructed in 1917 and has an assessed value of $8.4 million, according to city records. The hotel was last sold in early 2014 for $8.3 million to an affiliate of Warwick, R.I.-based Magna Hospitality Group LLC.
“New Castle has a long track record operating in southeastern Wisconsin, and recent developments including the new $75 million Dollar General distribution center in Janesville and Amazon.com’s facility in Kenosha point to good economic times ahead,” said Gerry Chase, president and chief operating officer of New Castle. “In our new neighborhood, forward-thinking residential projects like MKE Lofts, luxury apartments adapted from an historic building, and Northwestern Mutual’s long term commitment to commercial and residential development all indicate a dynamic and growing downtown. Milwaukee’s strong food and beer scene have helped to make this the second most popular city in the Midwest. We are very much looking forward to being part of this vibrant community.”
