CBRE Hotels has completed the sale of the Wyndham Lisle-Chicago Hotel & Executive Meeting Center located off Interstate 88 within the Lisle-Naperville neighborhood.
An affiliate of Glenmont Capital Management LLC, a New York-based real estate investment firm, sold the property to Vinayaka Hospitality Lisle LLC, a locally based hotel company. Ownership has plans for a comprehensive renovation as the hotel was converted to a Sheraton upon sale.
The 242-room, eight-story Wyndham includes nearly 25,000 square feet of meeting space with an 11,000-square-foot grand ballroom. In addition, the hotel features multiple food and beverage options and a 17,000-square-foot pool and fitness area. The Wyndham was constructed in 1986 and renovated in 2008.
The CBRE Hotels’ Chicago team consisted of Senior Vice President Nate Sahn and Associate Drew Noecker who represented the seller in this transaction.
“With the conversion to Sheraton and a multi-million dollar renovation planned, new ownership should be able to compete effectively with the other first class full-service hotels in the market, which include the Marriott, Hyatt and Hilton, for higher rated transient, and corporate/social group demand,” Sahn said.
