The Minnesota-based hotel development group planning to build two hotels in downtown Milwaukee, with a total of 300 rooms, paid $5.15 million to purchase the site from Johnson Controls International plc, according to state records.
Bloomington, Minnesota-based JR Hospitality purchased two vacant buildings at 433 E. Michigan St. and 517 N. Jefferson St. and a 0.4-acre property, which was used for parking.
The five-story, 80,525-square-foot class C office building at 433 E. Michigan St. was built in 1909 and has an assessed value of $1.27 million, according to city records. The two-story, 10,760-square-foot building at 501 N. Jefferson St., built in 1970, that has an assessed value of $523,000. The parking lot has an assessed value of $1.15 million. So, the entire site has an assessed value of about $2.9 million.
The company plans to demolish the buildings and construct two hotels, said Roshan Bhakta, managing partner with JR Hospitality.
A dual brand Home2 Suites by Hilton and Tru by Hilton will be built at the northeast corner of East Michigan and North Jefferson Streets and a Holiday Inn Express at the southeast corner of East Clybourn and North Jefferson Streets, Bhakta said.
Construction will likely begin in fall or winter with an opening date of late 2019 or early 2020, Bhakta said.