The Courtyard by Marriott Milwaukee Downtown hotel, which is connected to The Shops of Grand Avenue, is for sale.
The 169-room hotel, owned by Milwaukee Hotel Venture Limited Partnership, is located at 300 W. Michigan St. The six-story, 112,472-square-foot hotel was built in 1999. The hotel’s amenities include an indoor pool, a whirlpool, a fitness center and meeting space for up to 150 people.
The building has an assessed value of $13.9 million, according to city of Milwaukee records.
Marketing information for the sale of the hotel indicates that it has an occupancy rate of 86.3 percent, said Rich Curto, the chief executive officer of Chicago-based RSC & Associates. RSC is the Chicago-based developer that wants to build a $78 million mixed use development in the Park East corridor, but is having trouble getting city officials to support its request for $9.5 million in tax incremental financing (TIF). The RSC development would include a 148-room boutique hotel.
The Courtyard by Marriott’s high occupancy rate indicates that downtown Milwaukee could support more hotels, Curto said.
"It clearly suggests you need more boutique-type hotels," he said.
Several hotel developments have been proposed for the area in and near downtown Milwaukee. So far, only one is under construction. Fort Myers, Fla.-based Development Opportunity Corp. is constructing a 14-story building at the southeast corner of North Water Street and Juneau Avenue, which will include a 121-room Staybridge Suites hotel.
