New York City-based Broad Street Advisors was the exclusive adviser for the seller, Inn of O'Hare International LP. Robert Rizzi, executive vice president and partner at Broad Street, handled the transaction. He tells GlobeSt.com that the owner held onto the property for nearly 10 years and decided it was time to take advantage of the market's economics.

"It is a very strong submarket, arguably the best market in the country," Rizzi tells GlobeSt.com. "There is expansion taking place at O'Hare, the current environment very healthy, and the future looks very strong for the hotel sector there. It is active in conference business and the airport is very important for that. This is in addition to all the office properties located there. There are a lot of beneficial drivers that are colliding in the O'Hare area."

The property is located at 10249 W. Irving Park Rd., less than two miles from O'Hare Airport. According to Rizzi, the asset is one of the better performing hotels in the market from operational standpoint. "Over the past year, market factors have continued to push rates up, and occupancy has remained stable." Occupancy is consistently in the low to mid 80s, he says.