Listing Agents
Mike Schlictman
T | 803.920.4173
mikes@paramountlodging.com
Andrew Makhlouf
T | 312.610.9067
amakhlouf@paramountlodging.com
Detailed Information
Location
Property Highlights
- Lender owned 362-room all-suite Marriott Renaissance O’Hare Chicago
- Leasehold interest in the 2005 build asset offered at substantial discount to replacement cost
- Ability to relicense Marriott with a new long-term license agreement upon completion of a PIP
- Approximately 9,500 SF of flexible meeting & banquet space with onsite dedicated covered parking garage
- Strong residual operational upside in transitioning out of lender control and receiver management to regional investor with local operating economies of scale
- Readily accessible and directly visible from Interstate-90 with upwards of 200,000 vehicles passing the location daily
- Adjacent to the CTA Blue Line Cumberland ‘L’ stop with upwards of 180,000 daily passengers
- Property is situated within minutes of Chicago’s O’Hare International Airport – one of the top ten business airports in the world and host to 54MM passengers in recent years
- Approximately 2-miles from the 840,000 SF Donald E Stephens Convention Center with upwards 110 convention shows and more than one-million visitors annually in recent years
- Asset sits amidst 834,000SF Class-A Presidents Plaza office tower which has historically achieved rental rates 40% higher than average Chicago Suburban office rates
- Readily accessible to the Rosemont / O’hare entertainment corridor including Rivers Casino, Parkway Bank Park, the Fashion Outlets of Chicago, and the +18,000 capacity Allstate Arena
- Optimal time to be investing in Chicago’s north side amidst unprecedented development – including the Chicago Bears $2B planned “world class stadium” in neighboring Arlington Heights
- Opportune time to be investing in the O’hare corridor amidst the transformative ongoing $12.1B airport expansion and modernization