Sheraton Hotel in Brookfield has new owners

Affiliate of Chicago investment firm acquires property in deed in lieu of foreclosure action

Sheraton Milwaukee Brookfield Hotel
Sheraton Milwaukee Brookfield Hotel

Last updated on June 18th, 2019 at 12:05 pm

The Sheraton Milwaukee Brookfield Hotel, the largest hotel in Brookfield, is under new ownership.

According to state real estate transfer records, the hotel, located at 375 S. Moorland Road near the Brookfield Square Mall, was recently acquired by an affiliate of Chicago-based investment firm Blue Vista Capital Management LLC from the property’s previous owners, an affiliate of San Diego-based LLJ Ventures, in a deed in lieu of foreclosure action. The total value of the real estate transferred was $20.6 million.

“Blue Vista looks forward to working with Marriott and the new hotel manager, an affiliate of GF Management, to better service the area’s businesses and visitors,” a spokeswoman with Blue Vista wrote in an email to BizTimes. “Our goal is for the hotel to be a strong representative of the Sheraton brand and a long-term partner with the Brookfield community and the new Brookfield Conference Center.”

Representatives of LLJ Ventures did not immediately respond to a request for comment. A spokeswoman for Marriott International, which owns the Sheraton brand, referred questions to the hotel’s new owners.

LLJ Ventures purchased the hotel in 2015 for $16.6 million, and oversaw renovations to the property that took place over the following two years. In 2017, Blue Vista Finance LLC, the lending arm of Blue Vista, provided the owners a $19.5 million refinancing loan. According to REBusiness Online, proceeds of the three-year loan would be used to pay off the hotel’s existing loans and to fund additional capital improvements.

Built in 1972, the 389-room Sheraton Milwaukee Brookfield is the largest hotel with the largest meeting space in Brookfield, said Nancy Justman, president and chief executive officer of Visit Brookfield, the Brookfield Convention & Visitors Bureau. At that size, the hotel is able to attract companies and groups that other hotels in Brookfield may not be able to, she added.

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Alex Zank, former BizTimes Milwaukee reporter.

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