New Owners Of Park East Look To Reposition Property

MILWAUKEE, WI— The new owners of the Park East Hotel here plan to open a restaurant and bar on the first floor, and will study the feasibility of expanding the hotel and flagging with a national chain. Brothers Ajit and Harjeet Walia completed the purchase of the hotel from Towne Realty Inc. on March 3. Both parties declined to disclose the sale price, but Milwaukee city assessor records show the five-story hotel, located at 916 E. State St., has an assessed value of $3,044,000. The owners already have begun improvements, installing electronic locks for each of the hotels 159 rooms, which previously had key locks. In addition, all the bedding and mattresses have been upgraded. The Walias are seeking a building permit that would allow them to start renovating the hotels existing restaurant and lounge space, and replace it with Aqua, a 240-seat upscale restaurant and lounge, by end of second quarter. The owners also expect to renovate the propertys top level, adding a floor of suites and banquet space and a glass-enclosed meeting area. At present a bar is situated on the rooftop. Other planned improvements include additional outdoor lighting to increase the property’s visibility. The Department of City Development is considering making the street that the hotel fronts a two-way street, again to increase visibility for the property. However, further remodeling plans will depend on whether the hotel becomes a franchise, according to the owners, who want to reposition the hotel as an upscale, four-star property and align with a known brand. The owners have been in talks with Hilton Hotels Corp. and Marriott International but no agreements have been reached as to which, if any, flag the hotel will fly, they said.