Suburban Chicago Hotel Comes Under New Ownership
- Apr 14, 2008
Noble Investment Group has just acquired AmeriSuites in Schaumburg, Ill., a 126-room hotel just outside of Chicago. Noble made the purchase through its current discretionary private equity real estate fund, Noble Hospitality Fund L.L.C.The 11-year-old property came under the ownership of Global Hyatt Corp. in 2005 when Hyatt Corp. acquired the entire 143-hotel AmeriSuites chain from the Blackstone Group for $600 million. Located at the intersection of Highway 290 and Highway 90, AmeriSuites Schaumburg sits 13 miles from O’Hare International Airport and 25 miles outside of Downtown Chicago. In addition to its guest suites, the property also features a fitness center and a gift shop. Noble will invest $5 million to upgrade the property, after which it will rename the hotel Hyatt Place Chicago/Schaumburg.With the purchase of AmeriSuites Schaumburg, Noble increases the number of acquisitions made through the Noble Hospitality Fund to 11.The 10th acquisition came in late March with the purchase of the 295-room Kansas City Marriott Country Club Plaza in Missouri. Since 1999, Noble has closed three value-added lodging funds, the most recent of which closed in February 2007 with $310 million in equity commitments. According to an investment survey by real estate services firm Jones Lang LaSalle Hotels, Chicago is among the top 10 target markets for investors in the U.S. select service hotel sector. Noble has not specified an estimated time frame for holding AmeriSuites Schaumberg; however, as noted in the survey, the median hold period on select service hotels is approximately five years. Headquartered in Atlanta, Noble sponsors private equity real estate funds and acts as an operator and developer specializing in value-added hotel and resort investments across North America. The company presently operates over 8,000 guestrooms, as well as 1 million square feet of conference center and meeting space.