Holiday Inn Express Hotel Cass Chicago

Listing Agents

Mike Schlictman
T | 803.920.4173
mikes@paramountlodging.com

Andrew Makhlouf
312.610.9067
amakhlouf@paramountlodging.com

Detailed Information
Property Highlights
  • Fee-simple interest in the institutionally managed and lender owned 174-key Holiday Inn Express Chicago – Magnificent Mile
  • Available in the March 20th auction event via Ten-X
  • Value add opportunity after the hotel re-opened May 2023 following COVID induced shutdown and foreclosure
  • Significant recent capital upgrades and improvements to the property
  • Significant operational upside exiting lender control and more hands-on stabilization of operations
  • Ability to retain the Holiday Inn Express brand with a new long-term license agreement with IHG
  • Core River North location is centrally located within ultra high-barrier to entry downtown Chicago CBD
  • Walking distance to all downtown University demand – including the downtown campuses of Northwestern University, DePaul University, and Loyola University
  • Walking distance to Bally’s Casino Chicago, Navy Pier, Magnificent Mile, Millennium Park, Hancock Tower, Willis Tower, and Cloud Gate
  • Walking distance to the world-renowned Northwestern Memorial Hospital – the #1 ranked hospital in Illinois and a top-ten facility nationwide
  • Favorable recent and upcoming downtown development includes Google’s $105MM Thompson Center acquisition and scheduled $280MM renovation, the 835-feet tall $800MM Salesforce Tower recent opening, and Nexamp’s second national headquarters expansion and $2BB planned spend throughout Illinois
  • Easily accessible to Chicago’s two primary airports – Midway International which recently completed a $74MM renovation, and O’Hare International Airport, currently under a massive $8.5B expansion and renovation project
  • Centrally located in the Chicago MSA, home to approximately 9.5MM people – the third largest MSA in the US
  • Ideal time to be investing in the Chicago hotel market amidst numerous corporate relocations to downtown, continued Chicago population growth, and the 2024 Democratic National Convention scheduled for August 2024

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