Milwaukee Moves Forward on Two Downtown Hotel Projects
Skift Take
JLL reported U.S. hotel deal volume grew 14.4% in Q1 to $5.6 billion, with private equity making up 34% of the buyer pool. Plus, more hotel deal and development news.
The DJIA rose 370 points, the Nasdaq was up 233, the S&P 500 was up 57 points, and the 10-year treasury yield was down .02 to 4.46%. Lodging stocks were modestly higher. RLJ and IHG both traded up to new 52-week highs.
The U.S. Hotel Investment Market Update from JLL Hotels & Hospitality Group reported transaction volume in the first quarter grew 14.4% year-over-year to $5.6 billion, and $5.4 billion of that came from single-property deals. There were five single-property deals priced at over $100 million, a 24% increase in volume compared to a year ago. Three deals had a price-per-key value of more than $1 million. Within the buyer pool, private equity made up 34%, followed by high-net worth individuals (22%), owner/operators (16%), developers (10%), other (9%), foreign capital (5%), and real estate investment trusts (3%).
Two long-discussed hotels in downtown Milwaukee are finally moving from the rumor mill to reality, with developers saying constructi
