NAPERVILLE, IL-AREA Property Partners has partnered with Carrollton, TX-based Aimbridge Hospitality to acquire three Hyatt Hotels in suburban Chicago. The joint venture partnership paid $51 million to buy the hotel portfolio, which consists of: Hyatt Lisle, close to downtown Naperville; Hyatt Deerfield, in Chicago’s North Shore area; and Hyatt Rosemont, near O’Hare Airport.
The venture bought the hotels directly from Hyatt Hotels Corp., which has owned and operated the assets since they opened, according to John Jacobsson, a partner with New York City-based AREA Property Partners.
The 316-room Hyatt Lisle is located directly off Interstate 88 on Corporetum Drive, less than five miles from downtown Naperville. Each guest room in the hotel is suite-sized, with separate sitting areas, sleeper sofas and city or Morton Arboretum views. The property also features 13,200 square feet of meeting and function space.
The 301-room Hyatt Deerfield, located in Chicago’s prestigious North Shore area, features 15,000 square feet of function space and is just minutes from both downtown Chicago and O'Hare Airport. The 206-room Hyatt Rosemont is conveniently located near O’Hare Airport, as well as downtown Chicago’s shopping, nightlife and cultural events.
Aimbridge Hospitality will operate the three hotels, all of which will continue under the Hyatt brand. Approximately $13.5 million has been allocated for ongoing capital improvements to ensure that the hotels continue providing the best service, amenities and experience for guests.
Hyatt hired Molinaro Koger to market several hotel properties across the US. “We looked at a number of those deals, but we picked this three-property portfolio because, geographically, there was a lot of logic in buying all three,” Jacobsson tells GlobeSt.com. Moreover, he says Aimbridge has experience with the Chicago market.
Jacobsson says AREA’s investment focus over the past several years has “intensified” on the major US markets. “We like the biggest urban markets because we think they tend to recover more robustly,” he explains. “Chicago is a market we like. We think it has good prospects going forward.”
The three Chicagoland Hyatt hotels expand AREA and Aimbridge’s current relationship. The two organizations are joint venture partners on 16 properties, and Aimbridge manages 14 of those hotels. Additionally, AREA serves as a lender for four of Aimbridge’s hotels.
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