Interwest Capital Buys Hotel Indigo
A Gold Coast hotel with a troubled recent past has a new owner. Interwest Capital Corp acquired the Hotel Indigo at 1244 North Dearborn Pkwy and hopes to reposition it in a busy downtown hotel market.
The 12-story, 165-room hotel was built in 1923 as the Claridge Hotel. InterContinental Hotels rebranded it as the Indigo in 2005, but LNR Partners seized it out of foreclosure in 2012. It was appraised at $18.8M two years ago.
This is Interwest's first hotel acquisition in the greater Chicago area. Director of acquisitions Chris Meredith says its location was one of the main factors in acquiring it. Interwest is planning a $6M capital improvement plan for the hotel next year, and named Hersha Hospitality Management as the hotel's manager.