The TownePlace Suites by Marriott at Drexel Town Square in Oak Creek has been sold to a group of developers for a total of $14.8 million, state records show.
The 112-room hotel on the eastern side of the public square at Drexel Town Square at 7980 S. Market St. opened its doors in April. New Mexico real estate firm Drexel Square Hotel Group Inc. recently sold the property to a partnership consisting of the principals of Property Development, Kothe Real Estate Partners, Great Lakes Management Group and Lokre Development, said Kevin Page of Kothe Real Estate.
Drexel Town Square is an 85-acre retail, commercial, residential and civic center near the corner of South Howell Avenue and East Drexel Avenue. It lies on the site of the former Delphi Electronics & Safety manufacturing plant, which closed down in 2008 after the company went bankrupt. Wispark LLC, the development arm of WEC Energy Group, acquired the vacant land in 2011 and served as master developer on the site, working with the city and other stakeholders.
Properties in and near the development area have proven to be attractive investments. For instance, the site of a Burger King just south of the area recently sold for $2.3 million, well above its assessed value.
“The excellent location near many new amenities, the airport, and new employment along the interstate corridor made this hotel an attractive investment,” Page wrote in an email. “We are excited to add this Milwaukee area property to our growing portfolio of hotels.”
Construction commenced on the hotel, originally planned as a 108-room Four Points by Sheraton, in August 2016. TownePlace Suites is considered an upper mid-scale Marriott brand.
