Staybridge Suites Madison and Middleton, Wisconsin
Madison, WI | 181 Rooms | Investment, Renovation
The 90-room Staybridge Suites Madison-East, and the 91-room Staybridge Suites – Middleton were purchased in August 2008 from the original developer, at a significant discount to replacement cost. The properties were built in 2001 and 2003 respectively, and are part of the Staybridge Suites brand, an upscale extended-stay flag within the InterContinental Hotel Group family of hotels. . The hotels are close to multiple demand generators including Downtown Madison, Dane County Regional Airport, University of Wisconsin-Madison and The American Center Corporate Park. The Middleton hotel is well-located at the intersection of the West Beltline Highway and University Avenue in downtown Middleton, WI; the Madison-East hotel is located at the intersection of Interstate 90/94 and Highway 151.
Janko Group renovated the hotels and obtained an extension of the Intercontinental Hotel Group Franchise Agreement. The assumed first mortgages from a conduit lender were refinanced with favorable terms, which allowed for a distribution to investors returning over 50% of original equity.