Hotel Felix, Hotel Cass For Sale
River North has two more hotels in play as Oxford Capital placed the Hotel Felix and Hotel Cass on the market. Oxford and partner Gettys Group hired JLL to entertain bids on the properties.
The Oxford-Gettys JV refinanced both hotels three years ago. The Cass, a Holiday Inn Express at 640 N Wabash, generated $4.9M in revenue in 2014 while the Felix at 111 W Huron earned $5.8M that year. Investors in both hotels want to cash out. Selling the hotels is one option Oxford is considering, Crain's reports.
The Cass and Felix join the Hotel Palomar, which Kimpton placed for sale last week on the River North market. It will be interesting to see what the properties sell for, as there's speculation that market downturns and reduced business and leisure travel will have an effect on RevPAR. Oxford CEO John Rutledge remains bullish on the downtown hotel market. [Crain's]