Trending
Hong Kong-based investor buys Hilton Hotel near O’Hare Airport
It was the largest hotel sale in the O’Hare submarket in more than two years.
A venture of Hong Kong-based Junson Capital paid asset manager Barings $37 million for the Rosemont Hilton.
The deal was part of a portfolio sale totaling about $650 million that included office, hotel, industrial and multifamily assets scattered across the suburbs.
The Hilton sale was the largest hotel deal in the O’Hare submarket in more than two years, according to Crain’s, which first reported the deal.
The city’s Department of Aviation is also in talks with the Hilton about whether the brand will continue to operate the 860-key hotel directly adjacent to O’Hare’s terminals, within the airport grounds. The city is expected to take over ownership of that asset by the end of the year, after declining to renew a ground lease on the land that is now held by Park Hotels & Resorts, a subsidiary of Hilton.
The 2015 sale of the Westin O’Hare for $82 million was the last time a hotel in the submarket traded for a higher price than the Rosemont Hilton.
A $8.5 billion expansion that aims to help the airport compete globally was recently approved. [Crain’s] – Scott Klocksin