Buyers are still bullish for Chicago area hotel assets. The latest eight-figure deal: Clarion Partners bought the Westin O'Hare from Clearview Hotel Capital for a cool $82M.
The 525-room hotel at 6100 River Rd in Rosemont has seen a remarkable transformation in recent years. Former owner Ashford Hospitality Trust defaulted on $101M in debt on the property in 2010. Clearview bought the hotel for $37M three years ago and spent another $18M renovating the property, positioning it for sale.
The sale price represents a 49% return on Clearview's $55M total investment. The O'Hare hotel market has been one of the Chicago area's strongest, and the $82M price tag makes this one of Chicago's top 10 hotel sales of 2015. [Crain's]
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