The Comfort Suites Lake Geneva East hotel has been sold to a Texas-based hotel investor and operator for $6.3 million, according to state records.
The 80-room hotel at 300 E. Main Street was sold to an affiliate
Decorum Management Group, of Cedar Park, Texas. The seller was Illinois-based KNMG Hotels LLC.
Decorum said it was attracted to Lake Geneva because it is a "beautiful town with lots of year-round outdoor activities." This is especially noteworthy given the COVID-19 pandemic, which has for about a year prevented indoor group gatherings.
"Despite the pandemic, we have full faith in the resiliency of the hospitality industry," Chintan Thakkar, president and chief executive officer of Decorum, said in an email. "Even though the numbers are still down due to COVID, we are seeing positive year over year gains. Since corporate travel has resumed in some parts of the country, we are optimistic that it will return to (southeastern) Wisconsin in the near future as well."
The company plans to install new TVs in all guestrooms, completely gut and renovate all bathrooms and refresh the building with a new paint scheme over the next couple of years, said Thakkar.
According to its website, Decorum was formed around 2005. It has properties in the Midwest markets of Chicago and Des Moines, and in the Austin, Houston and San Antonio markets in Texas.
The hotel property has an assessed value of $6.42 million, according to Walworth County records.
It was
last sold in 2017 for $5.7 million. Before that, it was sold in 2014 for $3.4 million, according to county records.
