CBRE has arranged the sale of Hotel Versey, a 137-room hotel located at 644 West Diversey Parkway in Chicago. CBRE’s Nate Sahn, James Foxx, Nicholas Endre, Marcello Campanini, and Adam Foret represented the seller, Lincoln Park Hotel PropCo LLC, in the transaction.

The property was acquired by NexGen Hotels, a hotel development and management company based in Itasca. Constructed and opened in 1925, the Hotel Versey is located near retail, restaurant, and residential developments. The boutique property is a Northside Chicago landmark with a unique music history, and it was once known as the “Rock and Roll Days Inn” due to its popularity with rock bands.

“The strong in-place operating performance of the Hotel Versey made this deal attractive for the buyer who already owns other hotel properties in the surrounding area,” said Sahn. “Investors looking to acquire assets in Chicago should look at this deal as an indicator that Chicago is a great market to invest capital given its favorable performance metrics, lack of new hotel supply, and strong economic fundamentals.”

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