The new owner of the
Fairfield Inn & Suites in downtown Milwaukee has plans to make upgrades to the Marriott-branded hotel.
An affiliate of Atlanta-based Peachtree Group recently acquired the 103-room hotel at 710 N. Dr. Martin Luther King Drive in a sheriff’s sale. The value of the transaction was listed at $8.5 million a state filing. The city last assessed the building at $8.47 million.
In a statement, Brian Waldman, chief investment officer for
Peachtree Group, said the company has plans to make various improvements to the property, including renovating the public areas and the exterior facade.
“The hotel is well-located within walking distance of the Wisconsin Center District, which brings a significant number of people to the area for the convention and exhibition center, the UW–Milwaukee Panther Arena and the Miller High Life Theatre,” Waldman added. “A hotel within walking distance makes our Fairfield Inn & Suites the destination for leisure travelers. In addition, having a premium-branded Marriott hotel appeals to the growing corporate market. With our hospitality company, Peachtree Hospitality Management, running the hotel, we anticipate it will do exceptionally well in the market.”
Peachtree Group is a private equity firm that owns dozens of hotels across the country, including two Staybridge Inn & Suites in Madison, the Hampton Inn in downtown Milwaukee and the Sonesta Milwaukee West hotel in Wauwatosa.
The Fairfield Inn & Suites Downtown Milwaukee had previously been owned by an affiliate of Chicago-based
Arbor Lodging Partners, which purchased the building in 2016 for $10.9 million.
The hotel had been closed for about a year from 2020 to 2021, due to the COVID-19 pandemic. A foreclosure action was taken on the property in 2020.
