Renaissance Hotel for Sale in Chicago

Wednesday, June 14, 2017

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Renaissance Chicago O’Hare Suites Hotel, a 362-room, full-service, highly-visible hotel with immediate access to O’Hare International Airport in Chicago, Illinois. The hotel for sale offers investors the opportunity to acquire a recently renovated hotel that is supported by Marriott’s global brand network, in a thriving submarket and unencumbered of management.

The hotel occupies a strategic location at 8500 West Bryn Mawr Avenue that places it within the midst of 2.37 million square feet of Class A office space with immediate proximity to the amenities in Rosemont, a Chicago suburb. With frontage along I-90, the hotel for sale benefits from superb presence and visibility along the interstate. In addition to O’Hare International Airport, Renaissance O’Hare has immediate access to the Rosemont and Cumberland CTA Blue Line stops and two of Chicago’s most integral expressways: Interstates 90 and 294. The transportation lines serve as a link to downtown Chicago, which provides the O’Hare submarket with a huge competitive advantage, and allows employers to tap into the highly-educated workforce residing within the Chicago CBD and surrounding neighborhoods.

Due to its central location, proximity to O’Hare International Airport and access to public transportation, the O’Hare submarket, where the hotel is located, has led the suburban office recovery. Many companies have identified the O’Hare submarket as the ideal location for a new office or a consolidation of multiple locations. Geographically, O’Hare sits in the center of the Chicago metro area providing the middle ground for employees coming from surrounding locations, not to mention immediate access to the airport for multimarket companies. Additionally, O’Hare is the only major submarket providing direct access to the CTA’s elevated train lines to and from the city, allowing convenient public transportation for city-dwelling staff members.

Renaissance O’Hare is a 15-story hotel tower that features 14 meeting rooms containing a total of 9,400 square feet of meeting space and ballroom space, fitness center, swimming pool, spa, ample parking, an airport shuttle and multiple food and beverage options, including the Asado Urban Grill, R Bar, Starbucks and The Market. All rooms are suites with large room sizes averaging approximately 440 square feet that are well suited for the corporate and leisure market.

Hotel for Sale Investment Highlights

  • Recently Renovated, Upscale, All-Suites Hotel:  In June 2016, the hotel unveiled its $7.3 million comprehensive renovation. This overhaul included a refurbishment of all 362 suites as well as the lobby, common areas and restaurant spaces. This transformation elevated the hotel’s ambiance from casual to sophisticated. More than $3.3 million was invested into brand new fixtures, furniture and equipment for the public spaces and guestrooms, with most of that being focused on room upgrades. Additionally, Renaissance O’Hare provides guests with newly renovated guestrooms with three different layouts from which to choose: Renaissance Suite; Club Level and One-Bedroom, two-room suite.
  • Sophisticated and Savvy Brand Supported by Marriott’s Unrivaled Reservation System and Brand Network: In September 2016, Marriott International announced the completion of its acquisition of Starwood Hotels & Resorts Worldwide, effectively creating the largest reservation system worldwide. The new company operates or franchises more than 5,700 properties and 1.1 million rooms, representing 30 leading brands from the moderate-tier to luxury in over 110 countries. With this acquisition, the Renaissance is poised to capture the corporate and leisure traveler demand from the Starwood Preferred Guest (SPG) loyal program’s approximately 21 million members, creating a total membership base of 75 million members (as of 2015 member totals).
  • Management Flexibility:  The Renaissance O’Hare consists of 362 total keys without management encumbrance. The hotel will allow investors to align with preferred regional and national management companies and with their operating targets.
  • Thriving, Urban Mixed-Use Environment:  Rosemont possesses an unrivaled sense of urbanization and connectivity. This walkable, vibrant, mixed-use environment attracts nearly 100,000 daily visitors. The hotel for sale is within a five-minute drive of more than 45 restaurants, 22 hotels and a multitude of entertainment and retail spaces. Rosemont generates healthy demand for the hoteling industry, fueled by popular destinations, including MB Financial Park, Fashion Outlets of Chicago, Donald E. Stephens Convention Center, the Rosemont Theatre, The Dome at the Ballpark at Rosemont and Rivers Casino.

For more information on the historic Renaissance Chicago O’Hare Suites Hotel or other hotel properties for sale, please contact Tony Malk, Jeff Bucaro or Nicole Schmidt. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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