Representing the Royal Bank of Scotland Group plc, Jones Lang LaSalle’s (JLL’s) Hotels & Hospitality Group arranged the sale of the Renaissance Chicago Downtown Hotel. Carey Watermark Investors Incorporated. purchased the 553-key hotel for $139 million, the largest hotel transaction in downtown Chicago this year. JLL has now advised clients on two hotel sales and two refinancings in downtown Chicago since October, signaling investors are keen to take advantage of the market’s robust lodging fundamentals.
Managing Director Adam McGaughy and Senior Vice President John Nugent led the JLL team on this transaction.
“Through our focused marketing process, we found that a wide variety of institutional investors are actively seeking high-quality, well-located Chicago hotel opportunities, given the solid future outlook for the market,” said McGaughy. “Specifically, the Renaissance Chicago Downtown is expected to experience strong near-term growth given the new owner’s planned improvements, the power of the Marriott brand affiliation, and the irreplaceable nature of the real estate.”
Situated at the intersection of Wacker Drive and State Street, the property’s highly-visible and centralized location caters to all types of visitors coming to Chicago including the corporate, convention and leisure markets. The hotel is situated within the downtown ‘Loop,’ just three blocks west of North Michigan Avenue and across the Chicago River from the city’s foremost nightlife and entertainment neighborhood - River North. The Renaissance Chicago Downtown is one of Chicago’s preeminent full-service hotels, featuring 35,000 square feet of meeting space, a spa and fitness center, and three food and beverage outlets.
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