The 131-suite Residence Inn by Marriott hotel, located at 648 N. Plankinton Ave. in downtown Milwaukee, is for sale. The hotel, but not the building, is for sale.
Chicago-based Holliday Fenoglio Fowler L.P. announced that it was hired by the owner of the hotel, Investcorp International Inc., to market the hotel for sale. Dan Peek and Danny Kaufman of Holliday Fenoglio Fowler are leading the sales team that is representing Investcorp.
"The Residence Inn is a landmark property, a dominant and highly recognizable hotel," Peek said. "It is located at the nexus of downtown Milwaukee’s office, retail, convention, entertainment, and residential districts. The hotel offers guests high ceilings and windows, large suites and best-in-class facilities. the property’s Marriott brand affiliation is also a significant competitive advantage in terms of driving room-night deman and rate. The Residence Inn consistently outperforms and leads the downtown Milwaukee market, and its competitive set, which includes several well-established full-service hotels. The property’s focus on extended stay and corporate business, combined with the property marketing team’s mature relationships with the city’s top demand generators, allow it to maintain historically high and stable occupancy and rate levels."
The hotel is part of the former Gimbel’s (later Marshall Field’s) building, which was redeveloped into a mixed-use complex, known as the ASQ Center by Williams Development. The hotel opened in 2001. It underwent a $1.8 million renovation in 2008.
In addition to the hotel, the 600,000-square-foot complex is anchored by the American Society for Quality, which occupies about 105,000 square feet of space.