|By Tom Daykin, Milwaukee Journal Sentinel|
Knight Ridder/Tribune Business News
Jun. 7, 2005 - An affiliate of Marcus Corp. paid $21.9 million for the Wyndham Milwaukee Center Hotel, $3.5 million higher than the hotel's selling price five years ago.
Marcus W LLC bought the 10-story, 220-room Wyndham, 139 E. Kilbourn Ave., for $21,873,000, according to a deed filed with the Milwaukee County register of deeds.
The seller was MIP Milwaukee LLC, an affiliate of MeriStar Investment Partners.
The MeriStar partnership was formed in 1999 by hotel operator MeriStar Hospitality Corp., hotel management firm Interstate Hotels & Resorts Inc. and majority owner Oak Hill Capital Partners LP, an investment firm led by Texas billionaire Robert Bass.
MIP Milwaukee bought the hotel in 2000 for $18.4 million.
The eight hotels bought by the MeriStar partnership have underperformed in recent years.
In 2003, MeriStar Hospitality wrote off $25 million of its $40 million investment in the partnership.
Marcus announced its purchase of the hotel May 26, giving the company control over three of downtown Milwaukee's five largest hotels, including the Hilton Milwaukee City Center and the Pfister Hotel.
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Copyright (c) 2005, Milwaukee Journal Sentinel
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