Ingleside Hotel & Springs Waterpark for Sale

CBRE has been retained to sell the 194-room Ingleside Hotel & Springs Waterpark at 2810 Golf Road in Pewaukee. The hotel underwent a $15 million renovation in 2018 after it was acquired by the current owners, Waukesha Hospitality LLC, in February of 2017 for $14.5 million. 

At the time, the new owners said the hotel and water park had been underperforming for years, and they expected the fresh renovation would turn things around. However, according to the hotel sales listing information obtained by Focus Waukesha, the hotel has suffered from disruptions and vacancies in its sales staff, resulting in losses in the group sales/conference business. No doubt, the pandemic’s impact on the hospitality industry has also hurt the business. 

CBRE has not stated an asking price for the hotel and water park, but its sales prospectus states that the property’s past as an owner-run operation with limited resources has not been as successful as it could be with a larger management team that has greater resources to support it. The prospectus also notes that the Ingleside could sell at a substantial discount. 

In addition to hotel rooms and the water park, the Ingleside also generates income from large events and catering in its 40,000 square feet of events space, as well as the annual Country Christmas event, which draws customers to the property throughout the month of December. The property is 41 acres, which may enable a new owner to either expand it or sell off several parcels. 

Locals may recall that the property was built in 1972 and was originally known as the Steeplechase Inn. Local entrepreneur Dick Richards purchased it out of receivership in 1983, reopening it as the Country Springs Hotel and creating the Country Christmas attraction. The Richards family sold it to Wave Development, which kept the Country Springs brand, renovated the property in 2003, and installed the 45,000-square-foot waterpark about 15 years ago. 

The property’s highly visible location along I-94 is a great selling point, as it is easy to find for weary travelers, families seeking to entertain their kids at the water park and event attendees alike. Whether the Ingleside will attract another small investment group, or a large hotel chain as its next owner is anybody’s guess, but the hotel and water park will remain open throughout the sales process.