CHICAGO—Savills Studley’s U.S. Capital Markets Hotel Group is the exclusive agent for the owner for the sale of fee simple interest in the Renaissance Chicago North Shore Hotel and the DoubleTree Suites by Hilton & Conference Center Downers Grove. The upper-upscale hotels are located in prime suburbs of Chicago, both unencumbered by debt or management. Both franchise agreements expire in 2021. While the hotels share a common owner, there could be separate buyers for each property.
The Renaissance Chicago North Shore Hotel is located at 933 Skokie Blvd. in Northbrook, IL. The recently renovated property features 385 guestrooms, including three suites, and is located in a popular northern suburb of Chicago. In addition, the property includes two separate dining establishments: The Pancetta Regional Kitchen and Bar, which features Italian fare, and Ruth’s Chris Steakhouse. The hotel provides nearly 19,000 sq. ft. of functional meeting space, an indoor pool and whirlpool, fitness center and business center. The AAA four-diamond hotel is located near local area attractions including Northwestern University and the Chicago Botanic Gardens, and is accessible to O’Hare and Midway International Airports.
The DoubleTree Suites by Hilton & Conference Center located in Downers Grove and offers 250 guestroom suites, two food and beverage options, an indoor swimming pool, business center, gift shop and outdoor parking. The hotel leases conference center space from the adjacent office building. With the in-place leases in consideration, the property also features more than 35,000 sq. ft. of functional meeting space and a fitness and recreational facility.
“These properties are representative of the exceptional quality desired by both individual and institutional investors. There is a great amount of investment potential in the Chicago hotel market, as evidenced by these exceptional properties,” said Marc Magazine, executive managing director of Savills Studley’s U.S. Capital Markets Hotel Group.