Suburban Hotels Attracting Investors
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Hyatt Lisle, which recently traded for $16 million
CHICAGO—Commercial real estate in the suburbs took big hits during the recession, but now that a recovery is underway many asset classes in the region are making a comeback. That includes hospitality, which has rebounded operationally and has also started to attract investors again, according to new research by Hospitality Real Estate Counselors.
In 2014, 26 hotels traded hands in the Chicago suburbs, a roughly 30% increase over the number of assets that traded in 2013, the lodging and gaming firm found. The total dollar value of properties sold in 2014 was more than $300 million, a roughly 25% increase over 2013. And 2015 is shaping up to be an even better year. So far, 21 hotels representing more than $225 million in value have sold in Chicago’s suburbs…
