There is a great amount of investment potential in the Chicago hotel market.
Chicago, IL (PRWEB) August 05, 2015
Savills Studley’s U.S. Capital Markets – Hotel Group, as exclusive agent for the owner, is pleased to offer for sale the fee simple interest in the Renaissance Chicago North Shore Hotel and the DoubleTree Suites by Hilton & Conference Center Downers Grove. This offering represents a unique opportunity to acquire two upper-upscale hotels located in prime suburbs of Chicago, both unencumbered by debt or management. Both franchise agreements expire in 2021. While the hotels share a common owner, there could be separate buyers for each property.
The Renaissance Chicago North Shore Hotel is located at 933 Skokie Boulevard, Northbrook, Illinois. The recently renovated property features 385 guestrooms, including three suites and is located in a popular northern suburb of Chicago. In addition, the property includes two separate dining establishments--The Pancetta Regional Kitchen and Bar which features Italian fare--and Ruth’s Chris Steakhouse. The hotel provides nearly 19,000 square feet of functional meeting space, an indoor pool and whirlpool, fitness center and business center. The luxury, AAA rated four diamond hotel is conveniently located near local area attractions, including Northwestern University and the Chicago Botanic Gardens, and is easily accessible to O’Hare and Midway International Airports.
The DoubleTree Suites by Hilton &Conference Center located in Downers Grove and boasts a Gold Status on the IACC Green Star Survey. The Hotel offers 250 large guestroom suites, two food and beverage options, an indoor swimming pool, business center, gift shop and outdoor parking. The hotel leases conference center space from the adjacent office building. With the in-place leases in consideration, the Hotel also features over 35,000 square feet of functional meeting space and a vast fitness and recreational facility.
“These properties are representative of the exceptional quality desired by both individual and institutional investors. There is a great amount of investment potential in the Chicago hotel market, as evidenced by these exceptional properties,” said Marc Magazine, executive managing director of Savills Studley’s U.S. Capital Markets Hotel Group.
For more information regarding this opportunity, please call Marc Magazine at 571.282.2803 or email at mmagazine(at)savills-studley.com.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 27 offices in the U.S. and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 27,000 professionals and over 600 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
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