Jones Lang LaSalle Hotels arranged the sale of the Sheraton Chicago Northwest Hotel on behalf of a consortium of investors including Rockwood Capital Corporation…
Jones Lang LaSalle Hotels arranged the sale of the Sheraton Chicago Northwest Hotel on behalf of a consortium of investors including Rockwood Capital Corporation, Olympus Real Estate Corporation and HEI Hospitality. The property was purchased by Sage Hospitality with an existing partner.
The Sheraton Chicago Northwest is a full-service hotel with 429 oversized guestrooms, located adjacent to the Arlington Park Racecourse in Arlington Heights and proximate to downtown Chicago. It features 60,000 square feet of flexible meeting space, including 13,000 square feet of space located in an attached building dedicated to AllState Insurance for its national training. The property also features four food and beverage outlets, an extensive fitness center with heated indoor pool and 1,200 parking spaces.
The Sheraton Chicago Northwest sits on more than 20 acres in a highly visible suburban Chicago location with diverse demand generators and an exceptional transportation network, said Thomas Fisher, an executive vice president for Jones Lang LaSalle Hotels in Chicago. Interest in the property was significant given the size of the asset and the value enhancement and development opportunities available.
This transaction underscores the strong investor interest and sentiment in the Chicago suburbs. Investors recognize that Chicago is poised for significant growth in the coming years, which has resulted in strong competitive bids for our clients who are selling hotels in the Chicago market, said Melinda McKay, a senior vice president for Jones Lang LaSalle Hotels in Chicago.
The sale of the Sheraton Chicago Northwest comes on the heels of four other recent Chicago area sales arranged by Jones Lang LaSalle Hotels: The Westin Michigan Avenue and the Embassy Suites River East (in downtown Chicago); as well as The Hyatt Oak Brook and the Wyndham Drake (in suburban Chicago). These sales reinforce the strong investor interest in the greater Chicago area.
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