The two hotels at the Pabst Farms development in Oconomowoc have been sold to a Kenosha County-based investment group for a total of $24.1 million, according to state records.
The deal includes the 100-room Hilton Garden Inn hotel at 1443 Pabst Farms Circle and the 128-room Staybridge Suites hotel at 1141 Blue Ribbon Drive.
The Hilton Garden Inn hotel at Pabst Farms opened in 2007. It was sold for about $11.8 million, according to state records. It has an assessed value of about $6.6 million, according to county records.
The Staybridge Suites hotel at Pabst Farms opened in 2009. It was sold for about $12.3 million, according to state records. It has an assessed value of about $6.3 million, according to county records.
The combined sale price of $24.1 million for the two hotels is well above their combined assessed value of about $12.84 million.
The hotels were sold by affiliates of Pabst Farms Development Inc., which is the master developer for the 1,500-acre Pabst Farms complex at I-94 and Highway 67 in Oconomowoc.
The hotel were purchased by Bristol-based KGNMP Hotels LLC, whose registered agent is Mahendra Patel, according to state records.
