Lowe Enterprises Acquires Affinia Hotel in Downtown Chicago
Hotel Rebranded as MileNorth, a Chicago Hotel
May 4, 2012 - Lowe Enterprises Investors (LEI), on behalf of an investment client, has acquired the 28-story, 213-room Affinia Chicago Hotel located at 166 E. Superior St. in downtown Chicago from Denihan Hospitality Group. Concurrent with the sale, LEI affiliate, Destination Hotels & Resorts, will take over the hotel management and implement the property's rebranding as MileNorth, a Chicago Hotel, a name inspired by its premier location one block from North Michigan Avenue - the Magnificent Mile.
“MileNorth presents the opportunity to invest in a well-located hotel in the heart of downtown Chicago in a steadily improving hotel market. The property is steps from one of the nation's most prominent shopping districts, the Magnificent Mile, and surrounded by a host of dining and entertainment options,” said Bleecker Seaman, co-CEO of LEI. “MileNorth has recently been completely renovated allowing us to focus our resources on enhancing the property's value by repositioning it as an independent boutique hotel.”
MileNorth is comprised of 213 guestrooms, 69 of which are suites, approximately 3,000 square feet of meeting space, a ground floor restaurant and popular rooftop bar offering expansive city views. The previous owner completed a top-to-bottom renovation upgrading all guest rooms including furniture and fixtures, the corridors, common areas and building systems and transforming several floors of office space into guest rooms.
The hotel's central location in the heart of Chicago's bustling business and retail district, near the city's numerous cultural and tourist attractions and just three miles from the convention center, makes it an attractive choice for business, convention and leisure travelers.
“Our team has focused extensively on the Downtown Chicago submarket, an area that we expect will grow significantly in the coming years,” said Mike Everett, senior vice president of acquisitions for Lowe Hospitality Group.
LEI has made numerous investments in the Chicago area and currently operates Orrington Office Plaza in Evanston, 8501 West Higgins in Chicago and the Embassy Suites Chicago-North Shore Deerfield on behalf of pension fund clients. Previous Illinois hotel properties the firm has acquired and sold on behalf of its clients include the Doubletree Rosemont O'Hare, the Rosemont Suites Hotel, the Oakbrook Hills Hotel and the Crowne Plaza Springfield.
The seller was represented by Eastdil Secured. Lowe Enterprises Investors represented itself in the transaction.
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