Affiliates of a Chicago hospitality company have scooped up the Cambria Hotel Milwaukee Downtown, the 132-room property on Plankinton Avenue that opened in 2019. State filings show the hotel at 503 N. Plankinton Ave., long tied up in foreclosure proceedings and a sheriff's sale, has officially changed hands. The deal shifts control of the downtown hotel to a new operator at a reported price that lands well below the building's assessed value.
According to BizTimes, affiliates of Chicago-based First Hospitality acquired the Cambria for about $7.1 million, as reflected in state records. The outlet reports that the seller was an affiliate of Atlanta-based lender Access Point Financial, which had taken over the property after winning it at a sheriff's auction in 2024.
Foreclosure timeline
Access Point Financial sued an affiliate of developer Murphy Development Group in 2023, seeking a foreclosure judgment of roughly $17.5 million, and the property ultimately landed on a sheriff's sale, according to Urban Milwaukee. Despite the legal and financial drama swirling around it, the hotel reportedly kept operating while ownership and control shifted behind the scenes.
Property history and brand
The Cambria Hotel Milwaukee Downtown was developed by Chicago-based Murphy Development Group and opened in 2019 with 132 guest rooms and meeting space, per a Choice Hotels press release and local coverage in OnMilwaukee. Cambria is a brand franchised by Choice Hotels that is typically positioned for business and upper-select travelers, and Choice highlighted this hotel as the brand's first downtown Milwaukee location when it debuted.
Price vs. assessed value
State assessment records place the property's value at roughly $15 million, which makes the reported purchase price of about $7.1 million a sharp discount tied to the prior foreclosure, according to BizTimes. The gap between assessed value and sale price underscores how distressed hotel assets can sell for far less than replacement cost when legal trouble and financing pressures push lenders to move quickly.
Buyer profile and next steps
The buyer group is affiliated with First Hospitality, a Chicago-based hotel operator and investor that reports on its website that it manages and invests in dozens of hotel assets across the country, according to First Hospitality. The company describes a platform that includes development, third-party management and investment services. So far, neither public filings nor company materials specify any immediate operational changes at the Milwaukee Cambria.
The transaction puts downtown Milwaukee's Cambria in new hands as the market continues to sort through foreclosure-era pricing and lender-driven deals. Future disclosures and statements from the parties involved will determine whether management, franchise status or on-site operations shift under the new ownership.
