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Executive Summary
Berkadia Hotels & Hospitality is pleased to offer for sale the fee simple interest in the 132-room Cambria Hotel Milwaukee Downtown (the ‘Property’, ‘Asset’, or ‘Hotel’), conveniently located off Interstate 794 in downtown Milwaukee. The Hotel opened in 2019 and features more than 1,800 square feet of meeting space, fitness center, on-site food and beverage outlet, indoor pool, and convenient self-parking. Cambria is near the city’s most attractive demand drivers – notably, the Historic Third Ward, Fiserv Forum, Baird Center, and the Summerfest grounds at Henry Maier Festival Park, among others.
LOCATION
The hotel is located off I-794 in downtown Milwaukee. The Milwaukee-Waukesha-West Allis, WI, Metropolitan Statistical Area (MSA) is located in southeast Wisconsin, a flourishing region with over 50,000 businesses and a gross metropolitan product of approximately $126 billion. Home to nearly 1.6 million residents, Greater Milwaukee is the most populated metro in the state.
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PROPERTY Details
2019
132
Aimbridge Hospitality (unencumbered)
1,847 SF
414 Bar + Kitchen
Choice Hotels (unencumbered)
503 N Plankinton Ave, Milwaukee, WI 53203
Year Built:
Keys:
Management:
Franchise:
Meeting Space:
Food & Beverage:
Non-union
Labor:
Fitness Center, Indoor Pool, Complimentary Wi-Fi
Amenities:
Self-parking ($25 nightly)
Parking:
Fee Simple
Interest:
Prime Location within Downtown Milwaukee:
Cambria is centrally located and is surrounded by the area’s top demand generators.
Downtown Construction Pipeline:
Downtown Milwaukee is undergoing a building boom with an influx of new restaurants, bars, hotels, and shops, attracting new development, residents, and visitors alike.
Unencumbered of Brand:
A new owner will have the opportunity to convert the Hotel to a more desirable brand.
Recently Built Asset in Great Condition:
Cambria Hotel opened in August 2019 and remains in great condition given its pandemic-related low occupancy and delayed ramp to stabilization.
Ability to Capitalize on Ramp to Stabilization:
As the Property has started to begin its recovery, marked by the trailing city-wide recovery, new ownership stands to benefit from all upside cash flow potential through stabilization.
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INVESTMENT HIGHLIGHTS
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Kyle Stevenson
INVESTMENT SALES
Managing Director
786.646.2591
kyle.stevenson@berkadia.com
Michael Black
Real Estate Analyst
312.845.8575
michael.black@berkadia.com
Larissa Isenberg
Senior Real Estate Analyst
602.997.3817
larissa.isenberg@berkadia.com
John Testerman
Senior Director
919.436.2793
john.testerman@berkadia.com
Ryan Lindgren
Managing Director
312.845.1884
ryan.lindgren@berkadia.com
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132-room Cambria Hotel Milwaukee Downtown
Recently opened hotel near top demand generators in prime downtown, Milwaukee, WI
Unencumbered of Management with Fee Simple Interest:
The Hotel is being offered unencumbered of management, along with being a non-union operation and fee simple, providing flexibility and optionality to a new investor.
Assumable PACE Loan:
A new owner will assume a $3,550,000 PACE loan with a 6.07% interest rate.
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Contact
Ralph DePasquale
Broker of Record
License #937317-91
312.957.7932
ralph.depasquale@berkadia.com