Chicago Hyatt Centric Trades for $110M
- Sep 14, 2017
Murphy Development Group sold the Hyatt Centric The Loop Chicago Hotel to Deka Immobilien for $110 million.
The hotel is centrally located in Chicago’s Loop in the heart of the financial district and within walking distance to transportation, restaurants, shopping and entertainment. Located 28 minutes from O’Hare International Airport, the building is within close proximity to attractions such as the Chicago Board of Trade, State Street, the Art Institute of Chicago, Millennium Park, the Magnificent Mile, Museum Campus and Willis Tower.
The HFF investment sales team of Senior Managing Directors Jaime Fink and Jeffrey Bramson, Senior Director Jeff Bucaro and Associate Nicole Aguiar, represented the seller.
“Hyatt Centric is an excellent example of the strong demand by global investors’ desire to acquire high quality real estate assets in the Chicago CBD,” Fink told Commercial Property Executive.
The pet-friendly, 257-key full-service hotel was developed in 2015 by Murphy Development as an art deco building. Situated at 100 W. Monroe St., the hotel includes amenities such as:
- 2,540 square feet of meeting space
- 24-hour fitness center
- The Corner Cafe
- Cochon Volant French restaurant/bakery
- AIRE Seasonal Rooftop Bar
- free Wi-Fi
- full-service concierge
- Restaurant-to-Go service
- 24-hour business center
“Jaime Fink and the HFF team did an exceptional job in developing a unique structured transaction which proved to successfully meet the business objectives of both buyer and seller,” said John Murphy of Murphy Development Group, in prepared remarks. “We are satisfied with the results and look forward to our long-term engagement with Deka Bank.”
The Hyatt Centric brand recently expanded into Latin America, by unveiling plans to build two hotels in Lima, Peru and Santiago, Chile.
Image courtesy of HFF