|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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