Oxford Capital, Quadrum Global JV Acquires Chicago’s Historic Essex Inn on Michigan Avenue
- Nov 05, 2014
By Ioana Neamt, Associate Editor
A joint venture between Quadrum Global and Chicago-based Oxford Capital Group LLC recently announced the acquisition of the historic Essex Inn at 800 S. Michigan Ave. in Chicago’s Historic Michigan Boulevard District. Oxford Capital Group – owner, developer, sponsor and manager of the Essex Inn – plans to transform the iconic building into an upscale lifestyle hotel in the coming year.
“We are strong believers in Chicago and the continued attractiveness of Michigan Avenue real estate,” says John W. Rutledge, president and CEO of Oxford Capital. “We are also excited about the renewed and growing momentum of the burgeoning South Loop. We look forward to transforming this already distinctive asset.’’
Located in the Historic Michigan Boulevard District in Chicago’s Loop neighborhood, the Essex Inn is in close proximity to Grant Park, the Field Museum, Shedd Aquarium, Millennium Park, The Art Institute of Chicago, and the popular Magnificent Mile. The 53-year-old building was designated a Chicago Landmark in February 2002, and is one of many iconic landmarks located in the district, including the Blackstone Hotel, the McCormick Building, and the Fine Arts Building. According to Property Shark.com, the building, constructed in 1962, is valued at $7,249,640.
The historic Essex Inn currently features 254 guest rooms and amenities such as an all-season rooftop pool with a view of Grant Park, fitness center, dry sauna, garden deck, parking garage, free wireless internet, and a full service restaurant and bar on the ground floor.
“This is yet another joint project with Oxford Capital,’’ say Quadrum founder and CEO, Oleg Pavlov. “Capitalizing our partners’ impressive track record in urban hospitality, we look forward to breathing a new life into Essex Inn and making it one of the new destinations in the city.”
The acquisition of the hotel represents Oxford’s eleventh hospitality investment in Chicago and Quadrum’s second investment with Oxford in the city, after the Godfrey Chicago. The terms of the Essex Inn sale have not yet been disclosed.
Image courtesy of the Essex Inn official website
Click here for more market data on Chicago