The TownePlace Suites Milwaukee Brookfield hotel has been sold to an affiliate of Greenwich, Conn.-based Arch Street Capital Advisors LLC for $9.1 million, according to state records.
The hotel, which is an extended-stay Marriott brand, at 600 N. Calhoun Road, will likely be getting some general upgrades following the sale, said Nancy Justman, CEO of Visit Brookfield.
This transaction is just one of a handful of changes happening to Brookfield’s hotels now that the recession has ended and confidence has returned to the area, Justman said.
“This speaks volumes to the development going on in Brookfield, with The Corridor project, the Corners and of course the (Brookfield Square) mall expansion, confidence is very high in the economy,” Justman said. “As Brookfield continues to grow, it only makes sense that the hotels are coming along for the ride.”
Last week, Brookfield Suites Hotel & Convention Center, 1200 S. Moorland Road announced it is planning a multi-million dollar renovation and would return to its former brand flag of Embassy Suites by Hilton.
California-based hotel operator, Dhillon Companies, also purchased the nearby Midway Motor Lodge,1025 S. Moorland Road for $5.6 million last week. Justman said nothing has been announced regarding the future of Midway Motor Lodge, but she anticipates major renovations and a new flag for the property that will be a Best Western or better. The hotel previous had the Best Western flag.
In addition, the Sheraton Milwaukee Brookfield Hotel and DoubleTree by Hilton Hotel in Brookfield, and Hampton Inn and Extended Stay America Hotel in the Town of Brookfield, have all undergone renovations in the last year.
“There was a latent need coming out of the recession for properties to improve and now the (hotel) owners have more confidence,” said Dan Ertl, Brookfield community development director. “Maybe the flags are exerting more pressure that they couldn’t force during the recession, but now the expectations have been raised.”
Whatever the reason, Justman said the activity is great for Brookfield’s 13 hotels. Combined, the city and the town have 2,106 rooms with an average occupancy rate of 64 percent.
“There are three months out of the year in Brookfield where we have more people staying in our hotels than we have residents in the town and city combined,” Justman said.
