Paramount Lodging Advisors Sells Days Inn Chicago
CHICAGO, IL. June 21, 2016 - Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Days Inn Chicago. PLA exclusively represented the seller with Managing Directors Brent Clemens and Bennett Webster leading the efforts on the transaction. The sale comes after six decades of ownership by the seller and includes the 133-room hotel and all accompanying ground level retail.
“Our team ran a quiet and targeted marketing process that yielded considerable interest from nearly all parties that we approached. The asset's irreplaceable location and strong in-place cash flow is augmented by the retail and made it highly desirable,” noted Clemens.
Webster added, “The ongoing growth within the already high barrier to entry East Lincoln Park neighborhood will afford the new owners the opportunity to continue to push current performance operationally and through additional investment into the property.”
News of the sale comes on the heels of other noteworthy investments, developments and announcements in the Clark and Diversey corridors. These include the new urban Target location, the ground-up Banana Republic development, and the recently opened Starbucks flagship at Clark & Diversey.
Paramount Lodging Advisors (PLA) is a hotel brokerage and advisory firm specializing in the sales of hospitality assets, debt and equity placement, as well as value enhancement services across the United States. For more information about PLA, please visit http://www.paramountlodging.com/.
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