Privately held Noble Investment Group ("Noble"), a leading investment management, operating and development organization focused on the lodging and hospitality industry, today announced the acquisition of the Hyatt Regency Milwaukee, the company's eighth investment so far this year. Located in downtown Milwaukee, the 22 story, 483-room Hyatt Regency is connected via a skyway system to the Midwest Airlines Center and is adjacent to the Bradley Center, U.S. Cellular Arena and the Milwaukee Theater. The hotel will undergo an $18 million repositioning and will be operated by Noble under a long-term license agreement with Global Hyatt Corporation.
"Noble's value-added investment platforms are focused on prominent, well located hotels in premium markets that are experiencing strong economic growth," said Mit Shah, Noble senior managing principal and chief executive officer. "With our capital plan to reinvent and upgrade the physical spaces in the hotel and thus the overall guest experience, the Hyatt Regency Milwaukee will be well positioned to quickly become a market leader."
"We are very excited to be adding this prominent asset to our portfolio and becoming a valuable community partner in what many are referring to as the urban renaissance area of the city of Milwaukee," said Rodney Williams, Noble's managing principal and chief investment officer.
The Hyatt Regency Milwaukee boasts spacious guest rooms which overlook an interior atrium. Twenty-one luxurious suites provide exceptional comfort and dramatic scenic views of the Milwaukee River. The hotel features 19 meeting rooms and the largest ballroom in Milwaukee, aggregating more than 19,900 square-feet of meeting space. Guests may remain true to their fitness regimen during their stay at the hotel's newly developed state-of-the-art health club. Polaris, Milwaukee's only revolving rooftop restaurant and lounge, provides elegant surroundings, great food and a commanding view of Milwaukee from high above the city.
Scheduled to be completed in 2008, the hotel will undergo an extensive $18 million renovation that will include completely updated guest rooms, new food and beverage offerings and refurbished public areas to complement the urban setting of downtown Milwaukee. These substantial improvements will further enhance the significant capital improvements that have been completed in the recent year by prior ownership.
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