{"id":1004116239,"date":"2015-03-26T05:43:02","date_gmt":"2015-03-26T13:43:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004116239"},"modified":"2022-12-07T05:52:03","modified_gmt":"2022-12-07T13:52:03","slug":"airport-hotel-trades-hands-in-chicagos-ohare-submarket","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\/","title":{"rendered":"Airport Hotel Trades Hands in Chicago\u2019s O\u2019Hare Submarket"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Adam<\/a>

Adam McGaughy, JLL<\/p><\/div>\n

Hospitality Properties Trust, of Newton, Mass., has purchased the 300-key Holiday Inn & Suites Rosemont, near Chicago\u2019s O\u2019Hare International Airport, from Rockbridge, it was announced Wednesday by JLL\u2019s Hotels & Hospitality Group, which represented the seller.<\/p>\n

The sale price was not released, but according to an SEC Form 10-K filed on Feb. 27, HPT had at that time recently agreed to acquire the Rosemont hotel for $35.5 million, financed through \u201ccash on hand and borrowings under our revolving credit facility.\u201d<\/p>\n

The sale closed March 16, a JLL spokesperson told Commercial Property Executive<\/i>.<\/p>\n

The hotel features about 3,100 square feet of flexible meeting space, 406 parking spaces, a fitness center and the leased 8,000-square-foot Harry Caray\u2019s Italian Steakhouse.<\/p>\n

Going forward, Intercontinental Hotels Group will manage the property.<\/p>\n

\"OHare\"<\/a>\u201cStrong growth in operating fundamentals among airport hotels and a prime location near one of the world\u2019s busiest airports drove the sale,\u201d according to the JLL announcement.<\/p>\n

Managing director Adam McGaughy, senior vice president John Nugent and vice president Truitt Alday led the JLL team.<\/p>\n

\u201cThe Holiday Inn & Suites Rosemont is a well-positioned asset that boasts strong cash flow, which helped JLL attract a strong institutional base of buyer groups to our marketing process,\u201d McGaughy said in the release.<\/p>\n

The O\u2019Hare hospitality submarket seems to be recovering strongly, according to figures from Smith Travel Research provided to CPE<\/i> by JLL. On a base of about 2.83 million room-nights, the submarket has seen average occupancy climb from 71.3 percent in 2012 to 77.1 percent in 2014. Over the same period, the average daily rate increased from $118.63 to $128.37 and RevPAR rose by 11.6 percent, from $84.60 to $99.01.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hospitality Properties Trust likes prime locations near one of the world\u2019s busiest airports.<\/p>\n","protected":false},"author":882,"featured_media":1004116243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,21783,13,21742],"tags":[],"class_list":["post-1004116239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-investment","category-midwest","category-latest"],"acf":[],"yoast_head":"\nAirport Hotel Trades Hands in Chicago\u2019s O\u2019Hare Submarket - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Airport Hotel Trades Hands in Chicago\u2019s O\u2019Hare Submarket\" \/>\n<meta property=\"og:description\" content=\"Hospitality Properties Trust likes prime locations near one of the world\u2019s busiest airports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-03-26T13:43:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T13:52:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/OHare.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"685\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Airport Hotel Trades Hands in Chicago\u2019s O\u2019Hare Submarket\",\"datePublished\":\"2015-03-26T13:43:02+00:00\",\"dateModified\":\"2022-12-07T13:52:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\\\/\"},\"wordCount\":291,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/03\\\/OHare.jpg\",\"articleSection\":[\"Featured\",\"Hotel\",\"Investment\",\"Midwest\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/airport-hotel-trades-hands-in-chicagos-ohare-submarket\\\/\",\"name\":\"Airport Hotel Trades Hands in Chicago\u2019s O\u2019Hare Submarket - 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