{"id":1004134078,"date":"2015-12-22T06:52:50","date_gmt":"2015-12-22T14:52:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134078"},"modified":"2020-05-12T23:36:34","modified_gmt":"2020-05-13T07:36:34","slug":"historic-hotel-near-northwestern-u-sells-for-60m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/historic-hotel-near-northwestern-u-sells-for-60m\/","title":{"rendered":"Historic Hotel Near Northwestern U. Sells for $60M"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/HiltonOrrington.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004134081\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/historic-hotel-near-northwestern-u-sells-for-60m\/hiltonorrington\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/HiltonOrrington.jpg\" data-orig-size=\"2048,1365\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"HiltonOrrington\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/HiltonOrrington.jpg?w=1024\" class=\"alignright size-medium wp-image-1004134081\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/HiltonOrrington.jpg\" alt=\"HiltonOrrington\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/HiltonOrrington.jpg 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/HiltonOrrington.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/HiltonOrrington.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/HiltonOrrington.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/HiltonOrrington.jpg?resize=1536,1024 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><a href=\"https:\/\/www.olshanproperties.com\/\" rel=\"nofollow\" target=\"_blank\">Olshan Properties<\/a>, of New York, has bought the historic Hilton Orrington Hotel in Evanston, Ill., for approximately $60 million from a joint venture of The Carlyle Group and Dow Hotel Co., Olshan announced Monday.<\/p>\n<p>\u201cNot only does this newly renovated property boast a fantastic location in one of Chicago\u2019s hottest submarkets, but it also is the market leader and hotel of choice for visitors to prestigious Northwestern University,\u201d Andrea Olshan, CEO of Olshan Properties, commented in a prepared statement.<\/p>\n<p>She added that the Evanston property is both Olshan\u2019s third full-service Hilton under management and its first Chicagoland property. Olshan Properties now owns and manages six hotels in total.<\/p>\n<p>First opened in 1928, the AAA-Four Diamond Hilton Orrington\/Evanston is only one block from Northwestern University and is Evanston\u2019s only full-service hotel. Earlier this year it completed a $5.1 million renovation that included upgrades to guestrooms, the lobby and select meeting areas. The hotel features a 5,800-square-foot grand ballroom with a 2,300-square-foot promenade overlooking Lake Michigan, as well as a 12,000-square-foot conference center.<\/p>\n<p>JLL represented Carlyle and Dow in their sale of the hotel.<\/p>\n<p>\u201cThe Chicago North Shore submarkets have experienced some disruption with corporate relocations over the last two years; however, as office occupancies rebound, the lodging markets will continue to perform well,\u201d Stacey E. Nadolny, managing director and senior partner in Consulting &amp; Valuation at  HVS, told <em>Commercial Property Executive<\/em>.<\/p>\n<p>\u201cThe limited new supply in the North Shore areas as compared to the rest of Chicagoland bodes well for the markets,\u201d she added. \u201cIn particular, Evanston is expected to remain very strong given the high barriers to entry for new development.\u201d<\/p>\n<p>\u201cThe Evanston market is getting one new hotel, and the Best Western is expected to be renovated and converted to a Holiday Inn, which will bring up the rate floor in the market,\u201d Nadolny continued. \u201cThe proposed Hyatt House [scheduled to open June 2016] will accommodate surplus demand in the market area, especially during event weekends such as graduation and home football games. The market rate growth has been very strong, and is expected to continue to grow.\u201d<\/p>\n<p>Based on RevPAR growth, Chicago North ranks second out of eight Chicago-area hotel submarkets, according to a new report from PKF Hospitality Research\/CBRE Hotels. Average RevPAR among higher-priced hotels in the submarket hit $92.55 in the third quarter, a year-over-year increase of 9.6 percent. Average occupancy over that period among the same group of properties rose 4.1 percent, to 71.2 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Olshan Properties has bought the historic Hilton Orrington Hotel in Evanston, Ill.<\/p>\n","protected":false},"author":882,"featured_media":1004134081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21781,21808,21751,13,21742],"tags":[],"class_list":["post-1004134078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-corporate-real-estate","category-featured","category-hotel","category-midwest","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Historic Hotel Near Northwestern U. 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