Twain Financial Partners announced the successful financing of ground lease capital to the Sheraton Hotel in Brookfield, Wisconsin.
This financing, finalized in March 2021, was a collaborative effort between Twain, Woodmont Lodging, and Milestone Companies. Woodmont and Milestone formed a joint venture partnership in July 2020 to renovate and reposition the hotel, capitalizing on each company’s strengths and seizing upon a compelling value-add opportunity.
Twain’s funding will aide in the first phase of renovations of the 388-room full-service hotel. Phase I of construction will include completing a comprehensive renovation of the guestrooms, guest bathrooms, select public spaces, and expansion of the Sheraton club lounge. Upon completion, the renovated areas will be outfitted with state-of-the-art design features, including Sheraton prototype case goods, tub-to-shower conversion in a majority of the guest rooms, new bathroom fixtures, 55” flat screen TVs featuring the latest iteration of the Marriott Guest Room Entertainment Platform, and enhanced Wi-Fi systems throughout the hotel.
“Given the state of the hospitality industry and condition of the capital markets, we were pleased to partner with Twain to help make this project happen,” said Elliott Estes, principal at Woodmont Lodging. “Twain’s ground lease has allowed us to tap into financing that will expedite execution of the renovation in a manner that will minimize the displacement of occupancy as the economy reopens.”
“Twain is proud to be a part of this project,” said Erik Lintvedt, Business Development Officer at Twain. “We believe this hotel is an important asset to the Brookfield community and will be a node for future conference activity when the renovations are complete. We are also excited to have closed on another hotel financing in an especially challenging environment. All credit is due to the first-rate skill and collaborative efforts of our partners Woodmont Lodging and Milestone Companies. We look forward to working together in the future.”
Woodmont Lodging is focused on the acquisition and aggressive asset management of hospitality assets across North America, with a focus on focused service and select value-add opportunities. The company also delivers financial results to third-party owners through advisory engagements and asset management services. For more information, visit woodmontlodging.com.
Milestone Companies is an award-winning hotel management, investment and development firm with a dedicated team of hospitality industry professionals that have amassed more than 100 years of combined experience in property management, asset management and hotel renovations. Over the past 30 years, the principals of Milestone have been involved in the acquisition and/or management of more than 125 hotels located across the United States with an aggregate value in excess of $1.5 billion. Milestone provides property management services through its wholly-owned affiliate, Milestone Hospitality Management, LLC. The Milestone Companies are headquartered in Baltimore, MD, with satellite offices in Harrisburg, PA, Greensboro, NC and Los Angeles, CA. For more information, visit milestonehotels.com.