The Hyatt Regency hotel in downtown Milwaukee has been sold for $37.3 million to a Miami-based private equity firm that is planning a multimillion-dollar renovation to the property.
[caption id="attachment_164850" align="alignright" width="354"] The Hyatt Regency in downtown Milwaukee sold for $37.3 million.[/caption]
Cambridge Landmark purchased the 18-story, 481-room hotel at 333 W. Kilbourn Ave. from Noble Investment Group of Atlanta.
“A new franchise agreement has been signed with Hyatt Corporation for the continued use of the Hyatt Regency brand,” according to Cambridge Landmark’s website. “The hotel will undergo a multi-million dollar renovation focused on upgrading the rooms, lobby, meeting space and other new amenities.”
Cambridge representatives could not immediately be reached for comment.
Cambridge Landmark is a hotel-focused private equity company. The Hyatt is the company’s first purchase in Milwaukee.
The 353,054-square-foot hotel was built in 1979. It has an assessed value of $30.56 million.
When the Hyatt waslisted for sale in February 2017, the listing specified the buyer had the ability to retain the Hyatt Regency brand until 2035, if the property is renovated.
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 downtown convention center and is located within two blocks of the new Milwaukee Bucks arena and the Shops of Grand Avenue.