Hospitality N Illinois

Marcus & Millichap arranges sale of two Chicago-area hotel properties

Joliet hospitality property trades for 1.7 million,ph1
The former Rodeway Inn located in Joliet, Illinois.

Marcus & Millichap announced the sale of two hospitality properties in the Chicago area. The former Rodeway Inn in Joliet, Illinois sold for $1,750,000 while the Comfort Suites in Schiller Park, Illinois traded for an undisclosed sum.

Ebrahim Valliani, a senior associate, Allan Miller, senior vice president investments, Chris Gomes, senior managing director investments, in Marcus & Millichap’s Chicago Oak Brook, Dallas and Austin offices, exclusively marketed the Joliet property on behalf of the seller and represented the buyer. Valliani, Miller and Gomes also coordinated with Jake M. Erickson and Jared Plamann, both associates in the firm’s Minneapolis office, to facilitate the Schiller Park deal on behalf of both the seller and the buyer.

The Rodeway Inn is a 63-room, interior corridor hospitality property located at 1730 McDonough Street near the Interstate 80 and Highway 7 interchange, 50 miles south of Chicago O’Hare International Airport. This investment provides the new investor a value-add opportunity with plans for an extensive renovation and conversion to another major national hotel brand in the future.

Located at 4200 River Road, approximately three miles from Chicago’s O’Hare International Airport, the Schiller Park Comfort Suites is a 160-room, interior corridor, upper- mid-scale hospitality property built in 2001. The hotel features 11.500 square feet of meeting and event space.

Marcus & Millichap arranges sale of two Chicago-area hotel properties,ph2
Comfort Suites, 4200 River Road, Schiller Park, Illinois.