The Doubletree Hotel Chicago-O'Hare Rosemont has 369 rooms, more than 19,000 sf of meeting space and Gibsons Steakhouse. The 10-story hotel, which was constructed in 2000, is also across from the Donald E. Stephens Convention Center. The hotel will undergo a $3-million renovation that will include refurbishing the restaurant, including flat screen televisions, Dow says. The hotel had recently undergone a complete refurbishing of all of the guestrooms. "We tried to buy the hotel back in 2004, when Lowe bought it, and it did not work for us then," he says.

The cap rate "was relatively low but because of other things, [such as] the synergies of the hotels and the market, we figured it was reasonable," Dow says. Dow Hotel also owns the 296-room Embassy Suites Hotel, adjacent to Doubletree at 5500 N. River Rd., Murray says. "In the past, both hotels had to compete for convention center business," he says. "With the hotels now being owned and operated by the same company, we are going to be able to work together to maximize the amount of space [and] the amount of customers we can take." Owning both hotels will also make the van shuttle to the O'Hare Airport easier to coordinate, and since both hotels are Hilton brands, the same reservation system can be used, Dow says.

The company plans to double its revenue from $80 million in 2005 to $160 million by the end of the year, Dow says. Besides this acquisition, the company expects to close on a hotel acquisition in the next 10 days and close on another hotel in the next couple of months, he says.