St. Louis-based Midas Hospitality acquired the 160-room Aloft Milwaukee Downtown for $26.5 million. The hotel development, management and investment firm operates one other hotel in Wisconsin, the Aloft Green Bay.
The Aloft Milwaukee Downtown is located along the Milwaukee River. The five-story hotel features more than 5,000 square feet of meeting space, a bar, a fitness center, an indoor pool and a grab-and-go shop.
The property marks the third hotel the company has acquired through the Midas Hotel Fund. So far, the fund has deployed $25 million, $10 million for the Aloft Milwaukee Downtown and $15 million for the co-located Residence Inn by Marriott and Fairfield Inn & Suites by Marriott Charlotte (N.C.) Airport.
“Our investors are very pleased with the first investments and our strategic pursuit of new acquisitions and development projects,” J.T. Norville, Midas Hospitality’s co-founder and managing partner, said in a statement. “The Milwaukee hotel aligns perfectly with our portfolio based upon brand, location and the opportunity to leverage our strengths and improve the hotel’s overall performance.”
Midas Hospitality operates 35 properties with more than 4,000 rooms across 14 states.