NEWTON, Mass.—Hospitality Properties Trust (HPT) has completed the purchase of the 198-room Crowne Plaza Milwaukee West for $30 million, or approximately $151,500 per key. The hotel will be added to HPT’s existing agreement with Intercontinental Hotels Group.
“The Crowne Plaza Milwaukee West is ideally located in an economically vibrant suburban community just west of downtown,” said John Murray, Hospitality Properties Trust’s president and CEO. “Built in 2008, this full-service hotel is supported by strong demand generators from the area’s healthcare, technology, and industrial sectors and surrounded by some of Milwaukee’s largest employers. Today’s acquisition supports our relationship-driven strategy to invest in hotels located in diverse markets with steady demand drivers.”
Hospitality Properties Trust is a real estate investment trust (REIT) with a portfolio of hotels and travel centers located in 45 states, Washington, D.C., Puerto Rico, and Canada. HPT’s properties are operated under long-term management or lease agreements. HPT is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, Massachusetts.