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The hotel market continues to soften but there is still interest in assets in prime locations. Example: United Capital bought the Hilton Garden Inn Chicago/North Loop from Magna Hospitality in a $57M deal.
Magna opened the 25-story, 191-room hotel in 2015, in the middle of a hotel construction boom that has added thousands of rooms in inventory but contributed to lower occupancy rates last year, and threatens to do the same in 2017.
But United Capital VP Stephen Kronick likes the hotel's location near Millennium Park and feels it will attract a solid mix of business travelers and tourists in a packed downtown hotel market in the future, according to Crain's. This is United Capital's first Chicago hotel acquisition. [Crain's]
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