The Cambria Hotel Milwaukee Downtown, which went into foreclosure in 2023 and was acquired by its lender in early 2024, has now been sold to a Chicago-based hospitality development and management company, according to state records.
Affiliates of Chicago-based First Hospitality acquired the 132-room hotel at 503 N. Plankinton Ave. in downtown Milwaukee for about $7.1 million from an affiliate of Atlanta-based Access Point Financial.
The hotel opened in 2019, a few months before the COVID-19 pandemic hit the United States, and was developed by Chicago-based Murphy Development Group.
It 2023, Access Point Financial filed a foreclosure suit against Murphy Development Group with a $17.5 million foreclosure judgement.
In early 2024, the hotel was acquired by Access Point Financial at a sheriff’s auction for $11.1 million.
The hotel continued to operate throughout the foreclosure process.
The property has an assessed value of $15 million, according to city records.
Cambria is a hotel brand of Maryland-based Choice Hotels International Inc. that focuses on business travelers.
