Interwest Capital Acquires Chicago Hotel
- Sep 12, 2016
Chicago—Interwest Capital Corp. recently announced the acquisition of the historic Hotel Indigo located in the heart of Chicago’s Gold Coast area. The company has retained Hersha Hospitality Management as manager of the property.
The 12-story, 165-key property, formerly known as the Claridge Hotel, was built in 1923. Repositioned under the Indigo flag in 2005, the hotel offers meeting facilities, fitness studio, business center and a casual-chic eatery. The property is within walking distance from the Rush and Division Streets intersection, which offers a plethora of leisure and entertainment options. A $6 million renovation is set to commence in 2017.
“Interwest as a company has long targeted this submarket of Chicago and this hotel represents a unique opportunity for Interwest to make a long term investment in a capital starved asset, that we feel will only improve through the insertion of Hersha Hospitality Management and the upcoming hotel renovation in 2017,” said Chris Meredith, director of acquisitions for Interwest, in a prepared statement.
Image courtesy of ihg.com