Hotel company Woodmont Lodging, real estate investment firm Blue Vista Capital Management and Milestone Companies—a real estate development company specializing in hotel assets—have announced the joint venture recapitalization of the 388-room Sheraton Milwaukee Brookfield Hotel in Wisconsin. Woodmont Lodging and Milestone Hospitality will acquire a minority interest in the hotel and provide asset management services. Blue Vista Capital Management will be the lead investor in the transaction.
“The Sheraton Milwaukee Brookfield Hotel benefits from its prime location in the reinvigorated Brookfield submarket,” said Elliott Estes, principal, Woodmont Lodging. “The region continues to see strong investment, including the $24 million, 44,000 square foot Brookfield Conference Center, the redevelopment of the 100-plus store, 1 million-square-foot Brookfield Square Mall and the $32 million Milwaukee Tool headquarters expansion, all recently completed. The hotel, especially after its comprehensive renovation this winter, will be well-positioned to be a destination for the group, business and leisure travelers to the area.”
Situated just off I-94 in Brookfield, Wis., the Sheraton Milwaukee Brookfield Hotel is surrounded by more than 2,000 businesses and multiple office and industrial parks. The hotel has approximately 19,000 square feet of meeting space, a heated indoor pool, a seasonal outdoor pool and will feature a renovated fitness center.
“While the hotel has received more than $10 million in improvements and upgrades since 2015, we plan to invest a significant amount of capital to further refurbish the hotel starting this winter with a targeted completion date in the spring of 2021,” Estes said. “We recognize the challenges posed to today’s traveler and look forward to partnering with Marriott to apply the most up-to-date and forward-thinking innovations to the renovation. Following the completion of these renovations, the hotel will regain ‘like-new’ status.”
The Sheraton Milwaukee Brookfield Hotel project marks the third hotel transaction completed by Woodmont Lodging, Milestone Companies and Blue Vista since 2018.