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Oklahoma Venture Picks Up Two Distressed Chicagoland Hotels
In deals to resolve pending foreclosure lawsuits, a venture led by Oklahoma-based real estate investor Mark Beffort of Newmark Robinson Park last week bought the 269-room Hilton Orrington hotel in downtown Evanston, IL and has agreed to acquire the 408-room Westin Chicago Northwest in Itasca, IL, reported Crain’s Chicago Business.
The venture paid just over $34 million for the Evanston property, according to Crain’s. The price of the Itasca property couldn’t be determined.
The deals mark the biggest distressed hotel sales in the Chicago area since the beginning of the pandemic, Crain’s reported, citing them as a sign that some investors see a clear road to recovery for local lodging properties.
Occupancy at Chicago-area hotels has neared pre-pandemic levels over the past few months from booming leisure travel demand and the return of large group gatherings. Room rates now exceed where they were in 2019.
- ◦Sale/Acquisition
