Holiday Inn hotel near airport sold for $7.4 million

Local hotel investor purchased property

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The Holiday Inn & Suites hotel near General Mitchell International Airport has been sold to a local hotel investor for $7.4 million, according to state records.

CREFII Waramaug Milwaukee Airport LLC, a Boca Raton, Fla.-based investment group sold the hotel at 545 W. Layton Ave., to Dev Properties LLC, which is registered to Himanshu Parikh of Milwaukee.

The 130-room hotel was built in 2000. The three-story, 189,573-square-foot building sits on a 4.35-acre site. The property has an assessed value of $7.8 million.

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CREFII owned the property for four years. They purchased it in 2014 from a Rhode Island-based investor for $7.7 million.

Parikh, who could not immediately be reached for comment, has been involved in other local hotel sales recently. In April 2017, under the LLC Dev Properties, he sold the Best Western Plus Milwaukee Airport Hotel & Conference Center near the airport for $7.9 million. In 2014, under the LLCs Dev Group and HM Hotels, Parikh sold a 60-room Sleep Inn & Suites hotel near Sheboygan for $2.5 million and purchased the 80-room Comfort Suites hotel in Delavan for $2.25 million.

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