Local Hotel Owners Exploring Sales

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.