CHICAGO—Commercial real estate in the suburbs took big hits during the recession, but now that a recovery is underway many asset classes in the region are making a comeback. That includes hospitality, which has rebounded operationally and has also started to attract investors again, according to new research by Hospitality Real Estate Counselors.
In 2014, 26 hotels traded hands in the Chicago suburbs, a roughly 30% increase over the number of assets that traded in 2013, the lodging and gaming firm found. The total dollar value of properties sold in 2014 was more than $300 million, a roughly 25% increase over 2013. And 2015 is shaping up to be an even better year. So far, 21 hotels representing more than $225 million in value have sold in Chicago's suburbs.
“We get calls weekly in our office from investors who want to know if there are available properties in the Chicagoland area,” Jeffrey J. Preston, a Chicago-based vice president of HREC, tells GlobeSt.com. “I think Chicago being one of the country's major markets is attracting investors to all asset classes. It's the third largest market in the nation and it has become a great gateway city.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
