McLean, VA (PRWEB) June 27, 2016
Savills Studley’s National Hospitality Group is pleased to announce that it has successfully arranged the sale of the 250-suite DoubleTree Downers Grove in suburban Chicago, IL. The transaction closed June 16.
The seller, US Downers Grove, LLC, is an affiliate of USAA Real Estate Company. The buyer was Florida-based DG Hotel, LLC, an affiliate of Cicero Hospitality Group of Bloomfield Hills, MI. The hotel will continue its affiliation with Hilton Worldwide.
“The parties each accomplished their objectives in this transaction,” said Tom Baker, Corporate Managing Director of Savills Studley. “The seller disposed of a non-core asset and the buyer acquired a premier branded hotel at a compelling price.” The terms of the sale were not disclosed.
About Savills Studley Hospitality Group
Savills Studley’s team of hospitality professionals has the multi-disciplinary skill set required to handle the most complex assignments, providing expertise in all aspects of investment sales, capital market transactions, entity structuring, hotel operations, franchise agreements, asset management and other advisory services.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals in over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit http://www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $15 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies. RealCo is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit http://www.usrealco.com