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The Courtyard by Marriott Hotel in Downtown Milwaukee Sold for $26.1 million;
Third Sale of a Downtown Hotel in the Past Four Months
By Tom Daykin, Milwaukee Journal SentinelMcClatchy-Tribune Regional News

Sep. 7, 2007 - The Courtyard by Marriott hotel in downtown Milwaukee has been sold for $26.1 million to a group of investors led by a Los Angeles-area firm, according to documents filed Thursday with the Milwaukee County register of deeds.

The 169-room hotel at 300 W. Michigan St. opened in 1999. It was sold by a partnership led by Chicago developer Burt Cohen to several investor groups organized by ADC Real Estate Group Ltd. of Calabasas, Calif.

ADC Real Estate is led by Joseph Amoroso, a former Milwaukeean. He also operates Amoroso Cos., another Los Angeles-area development firm.

A group of investors affiliated with Amoroso Cos. last year bought a 63,000-square-foot building at 180 N. Executive Drive in Brookfield for $8.2 million.

Executives at ADC Real Estate couldn't be reached for comment.

The Courtyard transaction marks the third sale of a downtown hotel in the past four months.

Earlier this week, Atlanta-based Noble Investment Group completed its purchase of the 483-room Hyatt Regency Milwaukee for $43.9 million and announced plans for an $18 million renovation.

In May, the 131-room Residence Inn by Marriott-Downtown Milwaukee sold for $13.6 million to a foreign investors group organized by New York-based Investcorp International Inc.

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To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com.

Copyright (c) 2007, Milwaukee Journal Sentinel

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