Marcus & Millichap has facilitated the sale of a DoubleTree Hotel by Hilton in Brookfield and the Grand Marquis Waterpark Hotel & Suites in Wisconsin Dells, both of which are in Wisconsin.
The 177-room DoubleTree Hotel by Hilton was sold by a private partnership to a locally based regional owner/operator. Built in 1990, the three-story Brookfield hotel encompasses 95,544 square feet on a 6.33-acre site. Amenities include an indoor pool, fitness center, business center, meeting space, restaurant and bar. The property is located off Interstate 94 near American Family Field, the Medical College of Wisconsin, GE HealthCare corporate offices and Wisconsin State Fair Park.
Scott Havericak, senior director investments in Marcus & Millichap’s Fort Lauderdale office, and Robert Hunter of Marcus & Millichap, together with Todd Lindblom—the firm’s broker of record in Wisconsin—represented the seller and procured the buyer. Financial terms were not disclosed.
“This was a challenging sale that required us to overcome many of the issues in today’s market that are more pronounced in their impact on marketability and value,” Havericak said in a statement. “The property's historically low net income created a void in conventional financing options, which needed to be navigated.”
In a separate transaction, the Calabasas, Calif.-based firm brokered the sale of the Grand Marquis Waterpark Hotel & Suites, a 93-room hotel in Wisconsin Dells featuring indoor and outdoor waterpark attractions.
Located on 3.19 acres, the Grand Marquis Waterpark Hotel & Suites was built in 1994. The property includes meeting and event space, 10 water slides, family suites, an indoor hot tub, sauna and heated outdoor pool. The buyer is an experienced hotel operator expected to implement operational and revenue management initiatives at the property.
Jon Ruzicka, senior managing director investments, and Raj H. Patel, investment specialist, in Marcus & Millichap’s Milwaukee and Minneapolis offices, respectively, represented the seller and procured the buyer in the transaction.
“This transaction created a rare opportunity to acquire a long-held asset, as the hotel had remained under original family ownership throughout its history,” Ruzica said in a statement. “Wisconsin Dells has evolved beyond a traditional seasonal destination and continues to benefit from increasing year-round demand drivers that support long-term lodging growth.”