Search
 

Suburban Hotels Sell for $9M at Auction

DES PLAINES-A 145-room Comfort Inn in this northwest suburb commands a $7.875-million purchase price, while a 59-room Holiday Inn Express in south suburban Markham fetches a winning bid of $1.275 million at a sale held by Sheldon Good & Co. Auctions.

By Mark Ruda | Updated on September 26, 2002

DES PLAINES-A 145-room Comfort Inn hotel near O’Hare International Airport was sold at an auction Wednesday night for $7.875 million to an operator of two other hotel properties in south suburban Homewood and Hannibal, MO. Meanwhile, a 59-room Holiday Inn Express in south suburban Markham received a high bid of $1.275 million at a sale held by Sheldon Good & Co. Auctions, LLC, but a 139-room Villager Lodge in Hazelcrest failed to muster a $550,000 opening bid.

Satish Shethi tells GlobeSt.com he plans to invest between $500,000 and $750,000 in his newest property, located at 2175 E. Touhy Ave. The property comes with assumable variable rate industrial revenue bond financing through the city of Des Plaines.

“It’s nice—it’s near the airport,” Shethi says. “Actually, we paid a little more than I planned, but it’s worth it.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.