BizTimes Underlines why Kimpton Milwaukee will be Successful
The news outlet highlights the Kimpton as one of two hotels slated to open in downtown Milwaukee in 2016. New statistics show a growing hotel market in downtown Milwaukee.
"As a point of comparison, occupancy during the first eight months of the year in 2009 was 56.6 percent for the 22 hotels that existed at that time in downtown Milwaukee. Revenue per available room in 2009 was $65.92. The average daily room rate at the 28 hotels downtown is $134.59, up about $6 from 2014, when the average daily room rate was $128.69."
Hotel industry analyst, Greg Hanis, president of New Berlin-based Hospitality Marketers International Inc. says this, "I've been doing this for over 45 years – to see a market like this is unbelievable."
The occupancy rate is as high as 75.8 percent at some of the finer hotels in downtown Milwaukee and in the Wauwatosa area. That number is up from 71 percent last year.
“What this indicates to me is there was unaccommodated lodging demand among luxury hotels,” Hanis said. “When new hotels opened, there was an increase in demand in the downtown areas.”
Further, a detailed market study was performed on Kimpton Milwaukee defining how the project will be financially successful. Findings will be released soon.