The suburban resort market — like Chicago and many of the U.S. — remains to be attempting to rebound from the pandemic however for some buyers that has signaled alternative.
Just like the current deal for a 309-key DoubleTree by Hilton in Lisle. EMA Accommodations paid 6.6 million at public sale for the property at 3003 Company West Drive, in response to Crain’s. The DuPage County property had been appraised at $19 million a couple of years in the past, however posted near $2.5 million in losses final yr.
Its issues return to 2016, when a mortgage trustee filed a $36.7 million foreclosures swimsuit in opposition to hotelier Frank Allgauer. That’s after his enterprise defaulted on the CMBS mortgage on the complicated, the report famous. The unique debt was for $40.5 million. LNR Companions took management of the resort in February 2018, in response to Crain’s. A yr later the Hilton was rebranded as a DoubleTree by Hilton.
EMA mentioned it will spend as much as $10 million to renovate the Hilton’s inside, in response to the report.
Resort occupancy continues to stay low nationwide however is slowly ticking up. In Illinois, the struggles proceed, together with in Cook dinner County, the place resort and mall homeowners owe hundreds of millions in again property taxes. And in Could, the Illinois Resort & Lodging Affiliation asked Chicago to put aside $75 million to help lodges of their restoration.
[Crain’s] — Holden Walter-Warner