Business and leisure travel is picking up steam at a dramatic pace and as a result, Chicago’s O’Hare submarket has posted a revenue per available room (RevPAR) increase of 10.1 percent year-to-date through May 2014 following a 5.7 percent uptick for year-end 2013. Lodging real estate in strong suburban corridors near transportation hubs is increasingly being pursued by investors and JLL’s Hotels & Hospitality experts announced the firm has closed the sale of InterContinental Chicago O’Hare on behalf of Bletchley Hotel at O’Hare Field, LLC. Loews Hotels & Resorts purchased the 556-key hotel and plans to convert the property to the Loews Chicago O’Hare.
Managing Director Adam McGaughy and Senior Vice President John Nugent led the JLL team on the transaction.
“A combination of the property’s unique design, strong financial performance and position as the suburb’s only luxury class hotel created the right recipe to complete a highly competitive marketing process,” said McGaughy. “The result was a strong strategic purchase from Loews, which was able to expand its presence in the Chicago market.”
The AAA four-diamond hotel is located at 5300 North River Road in Rosemont, Ill. It features more than 53,000 square feet of meeting space, four signature ballrooms, three food and beverage outlets and an attached parking garage.
JLL’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s 300 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US $36 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s iPhone app or iPad app from the App Store.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. JLL is the brand name of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.