Detailed Information
Location
Property Highlights
UNDER CONTRACT
- Fee-simple interest in the corporate owned and corporate managed 121-room Red Roof HomeTowne Studios Chicago Waukegan
- Available for individual sale as part of a larger five property portfolio in the September 7th auction event
- Ability to purchase any combination of the five assets, affording buyers the opportunity to capitalize on strong operating economies of scale
- Strong in-place market performance with trailing-24-month year-over-year average ADR gains of +13%
- Offered unencumbered of brand, debt, and management – with a variety of alternative brand options available for conversion
- Product type with fully equipped kitchens is ideal for potential residential conversion or alternative use pending zoning and municipality approval
- Extended stay economy product is widely revered as recession-proof and remains a favorite investment sector amidst private and public investors
- High margin business model is ideally well positioned for any forward economic contraction given limited labor requirements with no sales department or food and beverage offering
- Property is readily accessible via US Highway 41 & Casimer Pulaski Dr interchange with upwards of 50,000 vehicles passing the location daily
- Opportune time to be investing in the Chicagoland hotel market amidst continued population growth, and Chicago leading the country in meetings and events by volume in April and May 2023
- Chicago announced as the 2024 Democratic National Convention host city and is expected to see more than 50,000 visitors generating more than $200MM of economic activity over the roughly four-day event
- Easily accessible to Chicago’s two primary airports – Midway International which recently completed a $74MM renovation, and O’Hare International Airport currently undergoing a massive $8.5B expansion and modernization
- Ideally located in the Chicago MSA, home to approximately 9.4MM people – the third largest MSA in the US – while being located outside of Cook County, limiting tax liability for a prospective owner