An affiliate of Chicago-based Arbor Lodging Partners has purchased the 103-room Fairfield Inn & Suites hotel in the historic Straus Building in downtown Milwaukee for $10.9 million, according to state records.
[caption id="attachment_155003" align="alignright" width="365"] The Fairfield Inn & Suites hotel in downtown Milwaukee.[/caption]
The hotel was sold by Warwick, Rhode Island-based Magna Hospitality Group. Earlier this year, the firm sold the downtown Milwaukee Hampton Inn & Suites hotel.
The purchase marks Arbor’s entry into downtown Milwaukee, which was announced by the company last month.
The 103-room hotel, at 710 N. Old World Third St., will be managed by Arbor affiliate NVN Hotels. The company is planning to make improvements to the hotel and maintain its affiliation with Marriott's Fairfield Inn & Suites flag, according to a statement released by Arbor Lodging Partners.
Fairfield Inn & Suites hotel opened in 2013 in the 92-year-old Straus Building. The 12-story building has an assessed value of $5.6 million, according to city records. It was formerly a Best Western hotel, which was converted to a Fairfield.
“We're pleased to join the downtown Milwaukee community, which has shown significant population and development growth over the past decade that outpaces other cities of its size,” Vamsi Bonthala, CEO of Arbor Lodging Partners said in a statement.