Oak Brook Hotel Changing Hands For $27M
Well-located suburban hotels continue to be popular with investors. The latest asset to change hands is in Oak Brook, where a local telecom executive is adding to his hotel portfolio, according to Crain's Chicago Business.
VinaKom Communications President Ketu Amin is paying $27M for the DoubleTree by Hilton hotel at 1909 Spring Road in Oak Brook. The seller, a joint venture led by Fillmore Capital Partners, bought the hotel when it was a Hyatt in 2005 and spent $10M renovating the hotel's 428 rooms.
Amin is a busy player in the hotel sector and now owns six assets, including a Hyatt and a Sheraton in Lisle. He plans to spend an extra $5M to $6M to renovate the hotel's common areas and is eyeing a long-term hold with the property, as he considers the hotel market to be at its peak and his properties to be safe assets.