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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. ----- 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 Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. NYSE:MAR, |
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