108-Key Chicago-Area Hotel Changes Hands
- Jan 11, 2019
CBRE has brokered the sale of the 108-key Country Inn & Suites in Prospect Heights, Ill., on behalf of the seller. According to the Cook County recorder, the property traded for $4.9 million. The seller had purchased the property in 2006, but only branded it under the Country Inns & Suites flag four years ago. Current buyer Palwaukee Hospitality LLC, an entity connected to Opine Properties, took out a loan of $5.2 million from Albany Bank, with a maturity date of 2023, and plans to re-brand the asset once again.
“The hotel’s five-story, concrete and steel structure will allow Palwaukee Hospitality LLC the opportunity to convert the hotel to a Holiday Inn Express & Suites by the summer of 2019,” said Brian Silberman, senior vice president of CBRE Hotels, in a prepared statement.
The three-star hotel at 600 N. Milwaukee Ave. is close to both Chicago Executive Airport and O’Hare International, as well as less than 1.5 miles from Interstate 294. Hotel amenities include a business center, two meeting spaces and a main ballroom.
Last year, CBRE secured a loan for Phoenix Development Partners for the acquisition and renovation of Hyatt Regency Deerfield, a 301-key property which also serves north suburban Chicago.
Image courtesy of CBRE