Oxford-Quadrum venture acquire historic, independent hotel on Chicago's famed Michigan Avenue.
CHICAGO – Essex Hotel Owner, LLC, an Oxford Capital Group, LLC led venture with Quadrum Global, announced the acquisition of Chicago’s historic Essex Inn-Michigan Avenue at 800 South Michigan Avenue. In the coming year, the venture will unveil plans to invest in and transform the downtown property, repositioning the Essex Inn as an upscale lifestyle hotel. This will be Oxford’s 11th hotel investment in the Chicago Market and Quadrum’s second investment with Oxford in Chicago, the first being the highly successful Godfrey Chicago.
“We are strong believers in Chicago and the continued attractiveness of Michigan Avenue real estate. We are also excited about the renewed and growing momentum of the burgeoning South Loop. We look forward to transforming this already distinctive asset,” says John W. Rutledge, founder, president and CEO of Oxford Capital Group, LLC, the Chicago-based owner, developer, sponsor and manager. Essex Hotel Manager, LLC, owned by Oxford Capital, has taken over management.
Commenting on the acquisition, Quadrum’s founder and CEO Oleg Pavlov, said: “This is yet another joint project with Oxford Capital. Capitalizing on 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 hotel currently features 254 high quality guest rooms including 23 suites, an all-season rooftop pool, fitness center, dry sauna, garden deck, wide array of meeting rooms and boardrooms, a parking garage, as well as a full service restaurant with bar on the ground floor.
The terms of the sale are not disclosed at this time.
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