Nakash Capital Buys Hotel Lincoln In $70M Deal
One of Chicago's most popular boutique hotels has a new owner. Nakash Holdings bought the Hotel Lincoln from a JV of Walton Street Capital and AJ Capital Partners for a reported $70M. It's a solid ROI for Walton Street and AJ Capital, which paid $45M for the former Days Inn in 2013 and repositioned the hotel with a rooftop bar and modern amenities.
Walton Street put the Hotel Lincoln on the market last June and the reported closing price was near estimates, according to Crain's. The Nakash family owns the Jordache jeans empire, and paid around $380k per room.
While the sale price is eye-popping, there is some concern that hotel sales have peaked after a monster 2015 and there may be too many downtown keys in the pipeline. Nakash managing director Jonathan Bennett says he isn't concerned, given the Lincoln's location. [Crain's]