Pabst Farms hotels sold for $24 million

Buyer is Kenosha County-based investment group

Last updated on May 15th, 2019 at 04:49 pm

The two hotels at the Pabst Farms development in Oconomowoc have been sold to a Kenosha County-based investment group for a total of $24.1 million, according to state records.

The deal includes the 100-room Hilton Garden Inn hotel at 1443 Pabst Farms Circle and the 128-room Staybridge Suites hotel at 1141 Blue Ribbon Drive.

The Hilton Garden Inn hotel at Pabst Farms opened in 2007. It was sold for about $11.8 million, according to state records. It has an assessed value of about $6.6 million, according to county records.

The Staybridge Suites hotel at Pabst Farms opened in 2009. It was sold for about $12.3 million, according to state records. It has an assessed value of about $6.3 million, according to county records.

The combined sale price of $24.1 million for the two hotels is well above their combined assessed value of about $12.84 million.

The hotels were sold by affiliates of Pabst Farms Development Inc., which is the master developer for the 1,500-acre Pabst Farms complex at I-94 and Highway 67 in Oconomowoc.

The hotel were purchased by Bristol-based KGNMP Hotels LLC, whose registered agent is Mahendra Patel, according to state records.

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Andrew Weiland
Andrew Weiland is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, Weiland is a lifelong resident of the state. He lives in Muskego with his wife, Seng, and son, Zachary. He is an avid sports fan and enjoys coaching his son’s youth baseball and basketball teams.