The hotel at 5615 N. Cumberland Ave. was built in 1971 and most recently renovated in 1995. The new owners plan $2.5 million in renovations. With that expense on top of its purchase price, Kennedy Cumberland Hospitality's investment will be just over half of the $17.1 million paid by Grubarges Inversion Hotelera SL's in 2000.
The hotel is located near the Kennedy Expressway, three miles east of O'Hare International Airport. It has 6,000 sf of meeting space, a business center, full-service restaurant, lounge, a heated outdoor pool and fitness center.
Morgan Stanley represented Grubarges-Chicago, LLC while Aries Hospitality Investments handled negotiations for the buyer. Grubarges Inversion Hotelera SL is selling its US hotel portfolio.
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