Waramaug Hospitality, a private investment group, announced today they have acquired the 130 room (32 suite) full-service Holiday Inn & Suites Milwaukee Airport Hotel. This acquisition represents Waramaug’s sixth acquisition in the last six months.
Opened in 2000, the Holiday Inn & Suites occupies a strategic location one mile from both General Mitchell International Airport and Interstate 94/43 and is convenient to downtown Milwaukee, the Milwaukee Convention Center, Miller Park and the Bradley Center. Featuring 32 suites, which make up 25% of the hotel guestroom inventory, the property enjoys a competitive advantage over comparable hotels in the area and the ability to drive a powerful ADR. Marketed as “the smart choice for guests,” travelers can enjoy the outdoors while staying at the hotel by visiting the Boerner Botanical Gardens or by catching a Milwaukee Brewers’ game at Miller Park.
“The Holiday Inn & Suites has a perfect mix of guestroom and facilities that will allow us to realize efficiencies of a select service hotel but at a full service level since it does not carry a high room count or large food and beverage operation. That bodes well for positive realization of profit margins and high growth potential,” said Paul Nussbaum, Waramaug Hospitality’s Founder and Managing Partner. “The property is also centrally located next to the airport and is within the second highest concentration of office and industrial space in the Milwaukee metro area with over 15,000 employees.”
The property sits on 4.35 acres and is a three story, interior-corridor, and full-service hotel. Waramaug is planning a renovation of its guestrooms in the near future that will result in significant operating upside.
About Waramaug Hospitality
Waramaug Hospitality is a privately held investment group focused on acquiring legacy branded assets throughout the United States. Specializing in hotels with a unique turnaround story, Waramaug has utilized its wealth of resources to create a track record of successfully rebranding, repositioning and renovating assets to reach their full potential and become market leaders. Waramaug and its affiliates own a portfolio of 25 hotels, representing 5,000 rooms.
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