The sale of the historic Loyalty and Mackie buildings could be completed this week, according to Patrick Gallagher of Siegel-Gallagher, who is representing the owner of the buildings, Los Angeles-based Stonewater Partners.
Rosemont, Ill.-based First Hospitality Group plans to purchase the buildings and a parking lot located to the south of the Mackie Building, located at 225 E. Michigan St. the Loyalty Building is located at 611 N. Broadway. The asking price for the two buildings and the parking lot was $4.085 million.
First Hospitality Group plans to convert the Loyalty Building into a 200 room hotel, according to Ald. Robert Bauman. The Mackie Building will remain an office building and the Grain Exchange Room in that building will provide meeting and event space for the hotel in the Loyalty Building.
BizTimes Milwaukee Real Estate Weekly first reported about the deal in October.
The 6-story, 92,000-square-foot Loyalty Building has a large amount of vacant space. Converting the building to a hotel would reduce the excess office space inventory in the downtown area.