The Hyatt Regency, one of downtown Milwaukee’s largest and most recognizable hotels, is for sale.
The 18-story, 481-room hotel at 333 W. Kilbourn Ave., is owned by Noble Investment Group of Atlanta. Chicago-based Paramount Lodging Advisors has listed the hotel for an undisclosed price.
The 353,054-square-foot hotel was built in 1979. It has an assessed value of $30.56 million.
“This was the first property to challenge the Marcus (Corp.) kingdom,” said Greg Hanis, hotel industry analyst and president of New Berlin-based Hospitality Marketers International Inc. “It was a premier property that the Hilton couldn’t rival. But now, with all the new properties coming in, it’s just not competitive.”
Since 2012, 730 hotel rooms have been added to downtown Milwaukee including the opening of the Marriott and Kimpton Journeyman. In June, a Westin will open downtown.
The number of new rooms increases to 1,111 if you count the 381-room hotel at Potawatomi Hotel & Casino that opened in 2014 in the nearby Menomonee Valley. Potawatomi is planning to add another 150 to 200 rooms to its hotel.
The owners of the Shops of Grand Avenue are planning a large mixed-use development in the Third Ward that could include a hotel.
According to the Hyatt property listing, the buyer has the ability to retain the Hyatt Regency brand until 2035, if the property is renovated.
Hanis said being able to keep the Hyatt name will make the property attractive to an outside buyer.
“Hyatt Regency is still an upscale property,” Hanis said. “You’re not going to have to go to a Holiday Inn, which is a good brand, but not a Hyatt Regency. And this is obviously a positive location.”
A $19 million hotel renovation was completed in 2009 which included the closure of Polaris, the revolving restaurant at the top of the hotel that provided guests with a 360-degree view of the city.
The Hyatt has 33,000 square feet of meeting space and two restaurants.
The Hyatt is connected, via skywalk, to the convention center and is within walking distance of the new Milwaukee Bucks arena, the Shops of Grand Avenue and the Northwestern Mutual tower.