"It was an excellent opportunity for Axis to purchase a good asset, well positioned in a strong corporate and airport market," says Adam McGaughy of CB Richard Ellis Hotels. The 37-year-old, four-story hotel at 1450 E. Touhy Ave. underwent a $1.2-million renovation in 2002, and also has a 350-space parking lot that offers revenue from "park and stay" customers using nearby O'Hare International Airport.
The $27,642 per room price is half of what a 145-room Comfort Inn at 2175 E. Touhy Ave. sold for at a September 2002 auction. Meanwhile, this northwest suburb next to the airport is getting a $30-million, 253-room Hilton Garden Inn.
McGaughy and Ron Danko of the CB Richard Ellis Hotels New York City office represented the limited partnership that sold the hotel.
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