RockBridge today announced the closing of a $7.5 million first mortgage investment to finance the acquisition of the 103-room Best Western Inn Towne Hotel in downtown Milwaukee. James T. Merkel, President and CEO of RockBridge, made the announcement.
The property will undergo a $6.8 million renovation and be reintroduced to the market as a Fairfield Inn & Suites by Marriott. The comprehensive renovation and conversion, which is slated to begin this fall, will substantially transform the hotel. The first floor will be completely reconfigured and will host all public space, including the exercise room, breakfast area, and meeting rooms. In addition, the entry to the hotel will be relocated to the center of the façade, providing a much-improved street presence.
The hotel is located in the heart of downtown Milwaukee’s business, theatre, and nightlife district, within walking distance to major demand generators including the Frontier Airlines Convention Center, the 12,700-seat US Cellular Arena, and the 18,000-seat Bradley Center.
The new owner of the property is Magna Hospitality Group (“Magna”) of Warwick, RI. RockBridge has an existing relationship with Magna, having provided financing for several of their hotels over the last 10 years. Magna will also manage the property.
RockBridge is an integrated hotel investment firm that has executed on over 300 debt and equity hotel investments in the U.S. over the past two decades. Since 1992, RockBridge’s team has invested nearly $3 billion in the hospitality industry as part of approximately $5 billion of total transaction capitalization. The principals of RockBridge have formed and managed nine hospitality-focused investment funds across multiple platforms with predominantly institutional investors. For additional information about RockBridge, visit www.rockbridgecapital.com.