Posted 9/19/2012 - 10:31:26 AM
MILWAUKEE, WI—RockBridge, an integrated hotel investment firm, has closed a $7.5-million first mortgage investment to finance the acquisition of the 103-room Best Western Inn Towne Hotel in downtown Milwaukee.
The property will undergo a $6.8-million renovation and be reintroduced to the market as a Fairfield Inn & Suites by Marriott. The comprehensive renovation and conversion, which is slated to begin this fall, will substantially transform the hotel. The first floor will be completely reconfigured and will host all public space, including the exercise room, breakfast area and meeting rooms. In addition, the entry to the hotel will be relocated to the center of the facade, to create street presence.
The hotel is located in the heart of downtown Milwaukee’s business, theater and nightlife district, within walking distance to major demand generators including the Frontier Airlines Convention Center, the 12,700-seat US Cellular Arena and the 18,000-seat Bradley Center.
The new owner of the property is Magna Hospitality Group of Warwick, RI. RockBridge has an existing relationship with Magna, having provided financing for several of its hotels over the last 10 years. Magna will also manage the property.