HREC Sells Countryside Center

CHICAGO—HREC Investment Advisors has just arranged the sale of the Holiday Inn Chicago Southwest Countryside Conference Center in Countryside, IL. The buyer, Schaumburg, IL-based Pearlshire Capital Group, specializes in distressed investments, and plans to pour about $8 million into the 174-room full-service hotel at 6201 Joliet Rd. According to Cook County property records, Pearlshire paid $4.55 million for the property.

“It’s an asset that needs capital,” Scott Kaniewski, senior vice president in HREC’s Chicago office, tells GlobeSt.com, and Pearlshire plans to give it a “soup-to-nuts” overhaul. However, “this is a recovering market and this was an opportunity to reposition a high-profile asset.” The hotel includes a William Tell Banquets space, a brand with a lot of cachet in the area, and remains a popular destination for wedding parties and similar celebrations.