First Investors, the investment arm of First Hospitality, has acquired the Cambria Hotel Milwaukee Downtown. First Investors acquired the property from a financial institution and plans to renovate and reposition it over the next year.
Originally opened in 2019 as the first Cambria hotel in Milwaukee, the property has 132 guestrooms, including king rooms, double-queen rooms, and one-bedroom suites. Guests enjoy a variety of amenities, including 414 Bar + Kitchen, an on-site restaurant and bar as well as an indoor heated pool, fitness center, outdoor patio, grab-and-go market and business-friendly guestrooms equipped with mini refrigerators, microwaves, HDTVs, ergonomic workspaces and Bluetooth-enabled vanity mirrors. The hotel also has more than 1,800 square feet of flexible meeting and event space, accommodating up to 205 guests with divisible meeting rooms ideal for corporate gatherings, social events, and group business.
"We're excited to welcome the Cambria Hotel Milwaukee Downtown to our portfolio and invest in a significant renovation and repositioning that aligns the property with the evolving needs of the submarket and the neighborhood's long-term growth," David Duncan, president and CEO of First Investors, said in a statement. "By pairing this investment with the operational expertise of First Hospitality, we're well positioned to elevate performance, enhance the guest experience, and create lasting value for our investors."
"This acquisition demonstrates the type of opportunity we created the GP Fund to pursue," said Sam Schwartz, executive chairman of First Investors. "The Cambria Hotel Milwaukee Downtown is a high-quality asset in a market with strong long-term fundamentals, and it's exactly the kind of investment that aligns with our strategy. As we continue deploying the fund, we're actively pursuing additional acquisitions where operational expertise, thoughtful capital investment, and favorable market dynamics can generate meaningful value for our investors."