Hotel sales are even hot in the 'burbs these days, with limited supply on the block and lots of bidders (REITs, institutional, and local players) buying at low cap rates. CBRE Hotels SVP Nate Sahn and associate Drew Noecker just brokered the sale of 242-room Wyndham Lisle-Chicago in the western suburbs. The seller was an affiliate of New York-based Glenmont Capital Management and the buyer is Vinayaka Hospitality Lisle, a locally based firm that has converted the property to a Sheraton. With the upcoming multi-million dollar renovation, it would compete with the neighboring Marriott, Hyatt, and Hilton for business and leisure travelers. (It's never been a better time to go to Chicago for a concrete sellers convention.)
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