CHICAGO—As reported in GlobeSt, earlier this week Olshan Properties completed its roughly $60 million purchase of the Hilton Orrington in suburban Evanston. The big price will certainly heighten the interest of the many owners in the region exploring the possibility of a sale, and it also seems apparent that investors from across the US are checking out a number of Chicago-area properties.

"With our focus on upscale hotels in supply-constrained markets, we've been looking at Chicago for some time and were particularly drawn to the Hilton Orrington Evanston for its proximity to Northwestern University as well as its recent renovation," Michael Odell, managing director of capital markets at Olshan, tells GlobeSt.com.

And the New York-based company was far from the only interested party. "Due to the high quality of the asset, its location in a dynamic urban destination market and its strong operating fundamentals bolstered by strong Big 10 university demand generators, the hotel was highly sought after," JLL managing director Adam McGaughy tells GlobeSt.com. Along with senior vice president John Nugent, he represented Carlyle Group and Dow Hotel Co. in their sale of the hotel