Hospitality Properties Trust has completed the purchase of the 198-room Crowne Plaza Milwaukee West hotel in Wauwatosa, the Newton, Massachusetts-based real estate investment trust announced Wednesday.
According to a news release from HPT, the hotel was purchased for $30 million, which comes out to roughly $151,500 per key. Crowne Plaza is a brand of International Hotels Group.
John Murray, HPT president and chief executive officer, said in the release that the hotel is “ideally located in an economically vibrant suburban community just west of downtown.”
“This full service hotel is supported by strong demand generators from the area’s health care, technology and industrial sectors and surrounded by some of Milwaukee’s largest employers,” Murray said. “Today’s acquisition supports our relationship driven strategy to invest in hotels located in diverse markets with steady demand drivers.”
The eight-story hotel, located at 10499 Innovation Dr., opened in 2008. The building sits on a roughly 7.5-acre site, and has an assessed fair market value of nearly $17.1 million, according to county records.
The Crowne Plaza has more than 6,000 square feet of meeting space. Its event and meeting rooms can accommodate gatherings of up to 500 people. The hotel also has an indoor pool, a fitness center and the Innovation Restaurant.
HPT purchased the hotel roughly a year after Atlanta-based Peachtree Hotel Group bought it for $24.5 million.
