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Sheraton at O'Hare Trades for Nearly $30M

SHILLER PARK, IL-Advised by New York City-based Broad Street Advisors, the hotel's owner sells to an entity of Investcorp International.

By Dana Dubriwny | Updated on September 13, 2006

SHILLER PARK, IL-The owner of Four Points by Sheraton Chicago O’Hare Airport, a business-class hotel consisting of 295 rooms and more than 12,000 sf of meeting space, has sold to Schiller Hotel Holdings, LLC, an entity of New York City-based Investcorp International Inc. The purchase price rang in at $27.35 million, or $97,711 per key.

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.”

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