Chicago-Area Hotel Changes Hands for $5M
- Jan 18, 2018
BRK Colorado Inc. has purchased the Best Western Plus Hotel and Conference Center in La Porte, Ind. from GDR Hospitality LLC, for $4.5 million. According to county records, the previous owner purchased the asset in 2007 for $2.4 million and has operated the property for the last 10 years. Huff, Niehaus & Associates Inc., member of Hotel Brokers International, closed the sale.
Located at 444 Pine Lake Ave., the 142-key asset is the only full-service hotel in the area. The property is situated within one hour of Chicago and 10 miles from Lake Michigan.
The Best Western Plus franchise will be retained by the buyer, who will invest significant capital for the renovation of the asset. Hotel amenities include:
- onsite restaurant
- cocktail lounge
- indoor heated pool
- hot tub
- outdoor pool
- 24-hour exercise facility
- game room
“The sale of Best Western Plus La Porte provided a great opportunity for the buyer to own the leading hotel and only full-service hotel in the market. The hotel has been long standing in the La Porte community and the ‘go to’ hotel for any events in the area,” said Brandt Niehaus, president of Huff, Niehaus & Associates, in prepared remarks.
Last May, Greene, Canfield, De George LLC Hotels, another member of Hotel Brokers International, closed the sale of a 14-key local motel in Orlando.
Image courtesy of Hotel Brokers International