HomeTowne Studios Waukegan Chicago, IL

Listing Agents

Mike Schlictman
T | 803.920.4173

Detailed Information
Property Highlights


  • 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

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