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615 Hotel Rooms Sell for an Aggregate $43M

DEERFIELD, IL-The Chicago Marriott Suites within the Parkway North office park goes for $107,000 per key while the price for the larger North Shore Hotel and Executive Conference Center in Skokie is $44,000 per room.

By Mark Ruda | Updated on March 22, 2006

DEERFIELD, IL-The prices may be fractions of the recent sales activity of Downtown properties, but hotel rooms have been changing hands in the suburbs. The 248-room Chicago Marriott Suites here has sold for $26.5 million, according to property records, while the 367-room North Shore Hotel and Executive Conference Center in Skokie commanded $16.2 million.

A joint venture between Seattle-based Dow Hotel Co. and Boston-based AEW Partners Capital Management teamed up for the third time in six months to buy the Marriott Suites property at 2 Parkway North, located in an office park. “We believe in the long-term growth potential this market holds, and we look forward to partnering again with AEW in the future,” says Dow Hotel Co. president Murray L. Dow II. The new owners, which acquired the hotel from a limited liability corporation that held the property for 13 years, plan a multimillion-dollar renovation.

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