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Clarion Hotel Barcelo Sells for Nearly $7M

CHICAGO-The hotel at 5615 N. Cumberland Ave. will get $2.5 million in renovations by the new ownership group, which paid about $28,000 per room. Grubarges Inversion Hotelera SL acquired the property for $17.1 million in 2000.

By Mark Ruda | Updated on April 14, 2005

CHICAGO-An O’Hare area hotel has been sold for $6.8 million, or close to $28,000 per room. A division of Washington, DC-based Grubarges Inversion Hotelera SL sold Clarion Hotel Barcelo at O’Hare to a Wilmette-based partnership, according to property records.

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.

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