Marcus & Millichap Closes Sale of Suburban Chicago Lodging Portfolio
Marcus & Millichap brokered the $19.2-million sale of a three-hotel portfolio in Chicago’s western suburbs comprising 262 keys. The properties included a Comfort Suites and Country Inn and Suites in Elgin, IL and a Holiday Inn Express in neighboring Algonquin, IL
First VP Ebrahim Valliani, who leads Marcus & Millichap’s Midwest Hospitality Team in conjunction with the firm’s national Miller-Gomes Hotel Team, and senior associate Michael Klar represented the seller, a Chicago-based investment group.
They also procured two separate buyers: a Wisconsin-based investment group entering the Chicago-area market with its purchase of the Comfort Suites and Holiday Inn Express, and a local investor who bought the Country Inn and Suites in a 1031 exchange.
“Hospitality as a whole has rebounded nicely across the Chicagoland area, and investors are showing a strong interest in reputable hotel brands in the suburban market,” said Valliani.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).