CBRE Hotels acted as advisor for the seller on the recent sale of the Marriott Chicago Northwest located in Hoffman Estates, Illinois. The Marriott Chicago Northwest Hotel was acquired by Hoffman Estates Hotel Group, LLC, particularly through the efforts of brothers, Harry and Alex Ghoman, of the Indianapolis-based firm, The Ghoman Group.
John Karver and Eric Belfrage of CBRE Hotels acted as the exclusive agent for the seller. The terms of the transaction are confidential. Mag Mile Capital principal and CEO, Rushi Shah, and vice president, Prabhat Jayara, secured an interest-only bridge loan for the acquisition.
The 295-room hotel opened in 2002 and is located off of I -90 in the Prairie Stone business park, proximate to 6.5 million square feet of office space within a 7.5-mile radius. Public areas of the hotel consist of nearly 13,000 square feet of flexible meeting and event space.
Under their ownership, the Ghomans will embark on a capital improvement program to renovate public space, guest rooms and activate the lobby to offer an improved guest experience.
“The renovated Marriott will be conducive to improved sports, social,and small group gatherings, as well as present an elevated leisure and corporate offering,” said Belfrage.
CBRE Hotels is a specialized team within CBRE, providing advisory, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 400 dedicated hospitality professionals located in 60 offices across the globe.