New Momentum to First Hospitality Group's Restoration of Historic Loyalty Building
ROSEMONT, Ill., Dec. 19, 2011 /PRNewswire/ -- Rosemont, Ill.-based First Hospitality Group, Inc. (FHG), announced today that the conversion of a Milwaukee landmark—the Loyalty Building—into a new 128-room Hilton Garden Inn Hotel has overcome a critical hurdle, according to property owner First MKD, LLC, an investment group, and hotel developer First Hospitality Group, Inc. Stephen L. Schwartz, CEO of First Hospitality Group, Inc. made the announcement.
As a result of an amicable settlement with all existing tenants, the property lender, Sir Mortgage & Finance of Arizona Inc., filed a motion to dismiss a previous foreclosure suit filed in the Milwaukee County Circuit Court. The settlement of the foreclosure positions the project to begin construction before the end of the year with a scheduled opening date for the hotel in the summer of 2012.
"The Hilton Garden Inn Hotel development is a critical component of the city's plan to revive the North Broadway Street corridor," said Alderman Robert Bauman. "This adaptive re-use project will stimulate economic growth in the downtown and maintain the unique character of the famed Loyalty Building."
The building, one of the city's architectural gems and the original headquarters of Northwestern Mutual Life circa 1886, is a Milwaukee and Wisconsin Landmark, as well as being listed on the National Register of Historic Places. It features a magnificent six-story atrium, original granite and limestone floors and facades, and one of the best-preserved and most celebrated 19th century commercial interiors in the state.
In addition to the Hilton Garden Inn Hotel, the Loyalty Building will include approximately 4,500 square feet of ground floor retail space, which is anticipated to include innovative food and beverage outlets. The Hilton Garden Inn Hotel will work in concert with the iconic Grain Exchange Room operated by Bartolotta Restaurants located in the neighboring Mackie Building. The Mackie Building, also on the National Historic Register, is owned by an affiliate of First MKD, LLC, and is currently in process of its own restoration. Additional improvements are scheduled for the Mackie Building, which will have more than 20,000 square feet of renovated office space available for lease.
"These projects will maintain the historic fabric of the architecture while reenergizing the buildings with new offerings that ensure these landmarks will be enjoyed and preserved for generations into the 21st century and beyond," said Schwartz.
For more information, please contact Robert J. Habeeb, President of First Hospitality Group, Inc. at (847) 299 -9040.
First Hospitality Group, Inc. is a national, experienced, and established hospitality management, and development company serving the investment and real estate industries. Since 1985, FHG has been an award-winning pioneer in the hospitality industry. FHG has successfully developed, marketed and managed over 16 brands and 50 properties throughout the Midwest.
SOURCE First Hospitality Group, Inc.