"Renovation work, which maintains the integrity of the original 1928 structure, is ninety-five percent complete and the hotel could be open and in full operation within six to eight weeks," said Mitchell Kahn, CEO of Hilco Real Estate. "The hotel is on an amazing piece of property in Chicago's most exclusive neighborhood." Hilco representatives declined to disclose what they will ask for the property, or comment further on the planned sale.
The hotel is now being sold under the direction of Timothy J. Coleman, who is acting as temporary receiver of the property and the rest of the WexTrust entities. Coleman's appointment came following SEC charges against WexTrust, its principals, and four affiliated WexTrust entities in August, alleging a massive Ponzi-type scheme from 2005 or earlier that raised approximately $255 million from approximately 1,200 investors. The principals have said they are innocent of the charges.
Coleman recruited Hilco to act as exclusive real estate advisor and handle the sale of some of WexTrust's assets, including the Park View Hotel. Hilco reps said the company is well-equipped to handle the disposition given success in optimizing value in past receivership situations.
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