{"id":1004291024,"date":"2019-01-11T06:04:24","date_gmt":"2019-01-11T14:04:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004291024"},"modified":"2022-12-08T20:18:12","modified_gmt":"2022-12-09T04:18:12","slug":"108-key-chicago-area-hotel-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/108-key-chicago-area-hotel-changes-hands\/","title":{"rendered":"108-Key Chicago-Area Hotel Changes Hands"},"content":{"rendered":"<p>By Lucia Morosanu<\/p>\n<div id=\"attachment_1004291033\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004291033\" data-attachment-id=\"1004291033\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/108-key-chicago-area-hotel-changes-hands\/vfmlid66381648\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/CIS-Prospect-Heights-e1547208863574.jpg\" data-orig-size=\"1520,1141\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;1.9&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;SM-G920T&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1431033243&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;4.3&quot;,&quot;iso&quot;:&quot;40&quot;,&quot;shutter_speed&quot;:&quot;0.0015673981191223&quot;,&quot;title&quot;:&quot;\\&quot;VFMLID=66381648\\&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Country Inn &#038; Suites in Prospect Heights, IL\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Country Inn &#038; Suites in Prospect Heights, Ill&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/CIS-Prospect-Heights-e1547208863574.jpg?w=1024\" class=\"wp-image-1004291033 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/CIS-Prospect-Heights-e1547208863574.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/CIS-Prospect-Heights-e1547208863574.jpg 1520w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/CIS-Prospect-Heights-e1547208863574.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/CIS-Prospect-Heights-e1547208863574.jpg?resize=768,577 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/CIS-Prospect-Heights-e1547208863574.jpg?resize=1024,769 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004291033\" class=\"wp-caption-text\">Country Inn &amp; Suites in Prospect Heights, Ill.<\/p><\/div>\n<p>CBRE has brokered the sale of the 108-key Country Inn &amp; Suites in Prospect Heights, Ill., on behalf of the seller. According to the Cook County recorder, the property traded for $4.9 million. The seller had purchased the property in 2006, but only branded it under the Country Inns &amp; Suites flag four years ago.&nbsp;Current buyer Palwaukee Hospitality LLC, an entity connected to Opine Properties, took out a loan of $5.2 million from Albany Bank, with a maturity date of 2023, and plans to re-brand the asset once again.<\/p>\n<p><em>\u201cThe hotel\u2019s five-story, concrete and steel structure will allow Palwaukee Hospitality LLC the opportunity to convert the hotel to a Holiday Inn Express &amp; Suites by the summer of 2019,\u201d<\/em> said Brian Silberman, senior vice president of CBRE Hotels, in a prepared statement.<\/p>\n<p>The three-star hotel at 600 N. Milwaukee Ave. is close to both Chicago Executive Airport and O\u2019Hare International, as well as less than 1.5 miles from Interstate 294. Hotel amenities include a business center, two meeting spaces and a main ballroom.<\/p>\n<p>Last year, <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-33m-in-financing-for-hyatt-hotel\/\">CBRE&nbsp;secured a loan<\/a>&nbsp;for Phoenix Development Partners for the acquisition and renovation of Hyatt Regency Deerfield, a 301-key property which also serves north suburban Chicago.&nbsp;&nbsp;<\/p>\n<p><em>Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An affiliate of Skokie-based Opine Properties has bought the Country Inn &amp; Suites in Prospect Heights from a private investor.<\/p>\n","protected":false},"author":748,"featured_media":1004291033,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21825,21751,13,21742],"tags":[32789,38808,33113],"class_list":["post-1004291024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-finance","category-hotel","category-midwest","category-latest","tag-cbre","tag-country-inn-suites-by-carlson","tag-holiday-inn-express"],"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>108-Key Chicago-Area Hotel Changes Hands - 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\/108-key-chicago-area-hotel-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"108-Key Chicago-Area Hotel Changes Hands\" \/>\n<meta property=\"og:description\" content=\"An affiliate of Skokie-based Opine Properties has bought the Country Inn &amp; Suites in Prospect Heights from a private investor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/108-key-chicago-area-hotel-changes-hands\/\" \/>\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=\"2019-01-11T14:04:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:18:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/CIS-Prospect-Heights-e1547208863574.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1520\" \/>\n\t<meta property=\"og:image:height\" content=\"1141\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lucia Morosanu\" \/>\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\\\/108-key-chicago-area-hotel-changes-hands\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/108-key-chicago-area-hotel-changes-hands\\\/\"},\"author\":{\"name\":\"Lucia Morosanu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1077c2cf363c47bc75d1ab4c42b53bb5\"},\"headline\":\"108-Key Chicago-Area Hotel Changes Hands\",\"datePublished\":\"2019-01-11T14:04:24+00:00\",\"dateModified\":\"2022-12-09T04:18:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/108-key-chicago-area-hotel-changes-hands\\\/\"},\"wordCount\":228,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/108-key-chicago-area-hotel-changes-hands\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/01\\\/CIS-Prospect-Heights-e1547208863574.jpg\",\"keywords\":[\"CBRE\",\"Country Inn &amp; 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