Investor Group Buys Wacker Apartment Hotel in Chicago
Plans Renovation, Reopening as Upscale Boutique Hotel
CHICAGO, IL, December 26, 2007. A group of local investors led by real estate and private equity firm Oxford Capital Group (www.oxford-capital.com) has purchased Hotel Wacker, 111 W. Huron, from BAC.Corp in a transaction valued at $24M.
The new owners, which call themselves HCP Oxford OBG Wacker Property Company, LLC, plan to redevelop the property into an upscale boutique hotel, scheduled to open in early 2009, according to managing principal John W. Rutledge, Oxford Capital Group president and CEO.
"The Hotel Wacker is a historic structure that is well-located in a burgeoning area of Chicago's red-hot River North neighborhood," explained Rutledge. "When redeveloped, it will be a valuable addition to the city's selection of small, exclusive boutique hotels, which are becoming increasingly popular with travelers."
The 12-story, 90,000-square-foot Hotel Wacker was built in 1926, and was designed by well-known architecture firm Levy and Klein, which also designed many other historic buildings in Chicago. The property has operated as an apartment hotel since its opening back in 1926.
In addition to Oxford Capital, the Hotel Wacker investor group is composed of management company The Bricton Group (www.bricton.com), and Gettys (www.gettys.com), a hospitality design, architectural and procurement firm. Joining Rutledge as senior principals are Edward J. Doherty, Bricton Group founder and CEO, and Roger G. Hill, Gettys co-founder and CEO.
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