Molinaro Koger's Chicago office marketed the hotel and represented the seller. The hotel opened in late 1996 and VK acquired the hotel in 1999, says John Jameson, managing director of Molinaro Koger's Chicago office. VK is primarily a land developer and owns a few hotels as passive developments. "These guys are mostly home developers and big box retail developers," Jameson says.

Lane Hospitality had been managing the hotel, he says. VK is selling to focus on the development of TPC Golf Course in Naples, FL, Jameson says.

The 126-room hotel is in the process of a $5 million-repositioning. The hotel will open as Hyatt Place Chicago/Schaumburg later this year. "It is really Noble's business strategy to invest in value-add hospitality properties," Brunt says. Noble was also interested in acquiring the hotel because it is in "a very attractive suburban submarket" and was able to acquire the property "significantly below replacement cost," he says. The company is purchasing the hotel for Noble Hospitality Fund LLC, with the hotel being the fund's 11th acquisition. Noble operates more than 8,000 hotel and resort guest rooms with a total of one million sf of meeting space.