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Columbia Sussex Buys O'Hare Marriott for $72M

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Columbia Sussex Buys O'Hare Marriott for $72M

An affiliate of Columbia Sussex bought the Marriott Chicago O'Hare hotel for $72M. Columbia Sussex closed on the 470-room hotel at 8535 W Higgins from Host Hotels & Resorts in June as part of a two-hotel deal that included a New Jersey Marriott. The price breaks down to $153k per room, Crain's reports. Investors are attracted to hotels thanks to higher occupancy rates, room costs and profits. Chicago-area hotel sales are expected to top last year's $606.7M. Investors bought several downtown and suburban hotels with more on the market. [Crain's]