Land Sells; Hotel/Condo Water Park To Come

HOFFMAN ESTATES, IL-Waterpark H2Otels Prairie Stone LLC, based in Lakemoor, closed recently on the purchase of 22 acres at the northeast corner of Interstate 90 and Beverly Road in the Prairie Stone Business Park. Waterpark H2Otels bought the property from Sears Holding Corp. for an undisclosed price.

“It was a multimillion-dollar deal,” says Joseph Buralli, a managing member of Waterpark H2Otels. The firm plans to construct a 14-story building with a hotel, condominiums and an indoor and outdoor water park.

Sun Island Hotel Water Park will have between 490 to 506 keys with approximately 395,000 sf of hotel rooms and condominium units in the 525,000-sf building. The rooms are still being configured and there may be some “ultra large suites” for families, he says. The hotel will be managed by Columbus, OH-based FLG Hospitality, formerly known as Focus Lodging Group LLC. FLG Hospitality will also co-develop the project. The hotel brand has not been determined yet. “We are in negotiations with two different flags right now,” he says.