CHICAGO—Olshan Properties has just acquired the Hilton Orrington in Evanston, IL for about $60 million. The seller was a joint venture of the Carlyle Group and Dow Hotel Co.
"Olshan Properties is thrilled to lend our name and hospitality expertise to the historic Hilton Orrington/Evanston," says Andrea Olshan, chief executive officer of Olshan. "Not only does this newly-renovated property boast a fantastic location in one of Chicago's hottest submarkets, but also is the market leader and hotel of choice for visitors to prestigious Northwestern University, as well as the greater Chicago region."
The company already had a significant presence in the Midwest through its ownership of three hotels in the Columbus metro area, including the Hilton Columbus at Easton, but this acquisition is its first Chicagoland property. Olshan now owns and manages six hotels throughout the nation including Marriott and Sheraton-flagged properties.
A team led by JLL managing director Adam McGaughy and senior vice president John Nugent represented Carlyle and Dow in their sale of the hotel, and say it has consistently performed at the highest revenue per available room levels across the Chicago suburbs.
"This is largely due to the dynamic nature of Evanston and the hotel's spectacular location," McGaughy says. "Evanston's lodging demand patterns are exceptional and unique as the market's annualized weekend business significantly outperforms relative to the conventionally stronger midweek corporate demand."
The 269-key, full-service Hilton Orrington first opened in 1928. The previous owners completed a $5.1 million renovation this year that focused on guestrooms, the lobby and select meeting areas. The hotel hosts many weddings in its 5,800 square foot Grand Ballroom, which includes a promenade with panoramic views over Lake Michigan and downtown Evanston. It also features a 12,000 square foot IACC-certified conference center.
"As Olshan Properties looks to further expand our national real estate footprint, the Chicago region has long been in our sights but proved elusive until today," says Michael Odell, managing director of capital markets at Olshan. "We're very excited that a property with such an irreplaceable location, unique market positioning, and rich history, was able to meet the disciplined investment criteria to which we adhere when making additions to our portfolio."
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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.
