Property Type: Full Service Hotel

Location Chicago, IL
Investment $22.8M
Date 2003
Holding Period 10 months
No. Keys 183
Price/Key $124,773
Overview
  • Corporex acquired a broken development project out of bankruptcy at a significant discount to replacement value.
  • Our vertically integrated team redesigned the building to maximize space usage, exceed brand standards and minimize cost.
  • We leveraged relationships in the lodging industry to upgrade the flag from Radisson to Marriott.
  • The property was sold within one year of the investment.
Exit Property sold for $28.4M in 2004.
Return on Investment 48.5% IRR