Three Bears Resort, an Ascend Collection Hotel
93
Guest Keys
60,000
SF Waterpark
5
Villas Included
17.89
Acres
The Opportunity
Property Highlights
◆Fee simple offering of the 93-key Three Bears Resort, an established indoor/outdoor waterpark resort in Wisconsin's Cranberry Country, priced below replacement cost and including the main lodge, 17.89 acres, and five on-site villas
◆Anchored by a 60,000-SF indoor/outdoor waterpark, a high-barrier-to-entry amenity that supports year-round revenue
◆Approximately $4.58 million invested in capital improvements since 2016, including a full 2023 guest room renovation, reducing near-term capital exposure for new ownership
◆Diversified revenue platform including four food & beverage outlets, redemption arcade, mini-golf, laser tag, and 8,790 SF of meeting space accommodating up to 1,000 guests
◆Limited competitive supply of comparable indoor waterpark resorts along the I-94 corridor between La Crosse and Wisconsin Dells
Location Highlights
◆Located directly off Interstate 94 in Warrens, Wisconsin, providing convenient access between the Minneapolis-St. Paul, Madison, Milwaukee, and Chicago population centers
◆Positioned approximately 50 miles from Wisconsin Dells, one of the Midwest's premier family leisure destinations and a nationally recognized waterpark market
◆Situated in Monroe County's Cranberry Country, with Wisconsin producing more than half of the world's cranberry supply and Warrens serving as host to the nationally recognized Warrens Cranberry Festival
◆Surrounded by year-round outdoor recreation, including Black River State Forest's approximately 68,000 acres, Monroe County ATV trail systems, fishing, hunting, snowmobiling, and hiking trails
◆Part of a regional tourism corridor that includes Three Bears Resort, Jellystone Park Warrens, the Cranberry Discovery Center, and other family-oriented attractions
Property Gallery
Indoor & Outdoor Waterpark
The Main Lodge
Restaurant & Great Room
Lobby Fireplace
Convention & Event Space
Front Desk
King Guest Room
Double Queen Guest Room
Resort Villas
Villa Living Room
Lobby & Cafe
Family Bunk Suite
Our Team
Contact the Advisors
The Firm
About Paramount Lodging Advisors
Paramount Lodging Advisors is a national hotel advisory and brokerage firm focused solely on hospitality. Since 2007, we have helped owners, investors, developers, and institutions maximize value through brokerage, capital markets, asset management, valuation, and consulting. Our data-driven team supports acquisitions, dispositions, financing, portfolio optimization, and operational improvement, building lasting partnerships that drive long-term success in hospitality real estate.
$14B+
In Transactions
1,200+
Deals Closed
Since 2007
Focused Solely on Hospitality
© 2026 Paramount Lodging Advisors. All rights reserved.Information contained herein is believed to be reliable but is not guaranteed. Offering subject to errors, omissions, prior sale, change, or withdrawal without notice. Three Bears Resort, Ascend Hotel Collection, and Choice Hotels are marks of their respective owners.