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Oxford Plans $48M-Plus Hotel Wacker Redevelopment

CHICAGO-A partnership with Oxford Capital Group LLC acquires the hotel for $24 million and plans to redevelop the 231-room hotel.

By Gina Kenny | Updated on January 06, 2008

CHICAGO-A partnership between Oxford Capital Group LLC, based here, Park Ridge-based Bricton Group, and Gettys Interior Design, based here, has acquired Hotel Wacker for $24 million. HCP Oxford OBG Wacker Property Co. LLC acquired the 231-room hotel from BAC Corp, based here.

The building was operated as an apartment hotel and was nearly vacant, says John Rutledge, CEO of Oxford Capital. The partnership plans to redevelop the building into an “upper mid-scale boutique hotel” and expects to spend more than $24 million on the redevelopment, Rutledge tells GlobeSt.com. “We expect to spend more on the redevelopment than we spent on the acquisition,” he says. Financing for the acquisition was provided by Anglo-American Bank. Jerry Cedicci, president of BAC, was unavailable for comment.

The 12-story building, with about 90,000 sf, was constructed in 1926 and was designed by architecture firm Levy and Klein, Rutledge says. The hotel is located in River North near the Magnificent Mile shopping district and south Gold Coast neighborhood. “We think it is a low-hanging fruit in this burgeoning area,” he says. “The area around it is booming in all directions.”

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