Marcus & Millichap Brokers Sale of IL Hotel
The buyer took out an $8.5 million loan from Citizens Community Federal to finance the acquisition of the 117-key Hampton Inn and plans to upgrade the property.
Hampton Inn McHenry. Image courtesy of Marcus & Millichap
Dixon Cos. has sold the 117-key Hampton Inn in McHenry, Ill. The buyer, a locally based private investor, financed the acquisition through an $8.5 million, 10-year loan from Citizens Community Federal, according to McHenry County records. Nunda Township Assessor shows the asset last traded in 2006.
Marcus & Millichap’s Senior Managing Director of Investments Chris Gomes, Senior Vice President of Investments Allan Miller, Senior Associate Ebrahim Valliani and Associate Michael Klar out of the Chicago Oak Brook, Austin and Dallas offices, worked on behalf of both parties in the transaction.
Located at 1555 S. Route 31, the four-story hotel includes amenities such as a fitness room, pool and business center. The property is a little more than 5 miles of Moraine Hills State Park, 12 miles of Fox River/Chain O’Lakes and less than 54 miles of Chicago. The new owner plans to invest in property renovations.
Recently, a 160-key Hampton Inn & Suites by Hilton in downtown St. Paul, Minn., traded for $31.7 million. Apple Hospitality REIT purchased the asset.
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