Savills Studley Arranges Sale of Renaissance Chicago Hotel
31 May 2017
Savills Studley, the leading commercial real estate firm specializing in tenant representation, announced today that it has successfully arranged the sale of the 385-room Renaissance Chicago-North Shore Hotel. The transaction closed on May 23, 2017.
The seller, HI TRS, LLC, a Delaware limited liability company, is an affiliate of USAA Real Estate Company. Owner Advisory Group represented USAA as its asset manager. The buyer was Northbrook ND Investments, LLC, a Delaware limited liability company and an affiliate of Minnesota-based Nath Companies, Inc.
“Both parties have achieved their respective objectives in this transaction,” said Tom Baker, Corporate Managing Director with Savills Studley. “The seller disposed of a non-core asset and the buyer made an acquisition establishing a relationship with the Renaissance brand and Marriott International, a strategic goal of the buyer.”
The property is ideally located in Chicago’s Northbrook suburb at 933 Skokie Boulevard and minutes from a variety of Fortune 500 companies, Northwestern University, dining, shopping and local attractions. The winner of the AAA 4-Diamond award, the Renaissance Chicago-North Hotel boasts premium amenities, on-site restaurants, more than 19,000 square feet of event space and complimentary on-site parking.
The terms of the sale were not disclosed.
