Park View Hotel in Chicago Offered for Sale
CHICCAGO, IL, November 4, 2008. The Park View Hotel, a prestigious, completely refurbished boutique hotel, standing in the heart of Chicago's upscale "Gold Coast" neighborhood, is being offered for sale by Hilco Real Estate, LLC. The property, which is located at 1816 N. Clark Street, affords guests an unobstructed view of Lake Michigan, downtown Chicago and Lincoln Park. Its prime location and extensive renovations make the Park View an excellent opportunity for any hotel operator or investor in quality urban commercial real estate.
"Renovation work, which maintains the integrity of the original 1928 structure, is ninety-five percent complete and the hotel could be open and in full operation within six to eight weeks," said Mitchell Kahn, CEO of Hilco Real Estate. He added, "The hotel is on an amazing piece of property in Chicago's most exclusive neighborhood."
The hotel has 194 guest rooms and over 2,000 square feet of meeting space. A 3,000 square foot ground level space is occupied by the upscale "Perennial Restaurant." Giuseppe Tentori, veteran of world-renowned Charlie Trotter's, is the Executive Chef. He is the 2008 recipient of a "Best Chef" award from Food and Wine Magazine. Perennial adds to the hotel's high-end experience and provides significant stability to the hotel.
The Park View Hotel is being sold under the direction of Timothy J. Coleman as Temporary Receiver for the WexTrust entities. Mr. Coleman, who was appointed by the United States District Court for the Southern District of New York, engaged Hilco Real Estate as the exclusive real estate advisor to handle the disposition of The Park View Hotel and certain other assets in the WexTrust portfolio. Hilco Real Estate has significant expertise and numerous past successes in maximizing economic value in similar receivership situations.
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