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Chicago

Pearlshire Capital Group buys 200-key Schaumburg hotel

The acquisition adds to the firm’s suburban hotel holdings

The Embassy Suites in Schaumburg
The Embassy Suites in Schaumburg

Pearlshire Capital Group bought the Embassy Suites hotel in suburban Schaumburg for $23 million from Indianapolis-based private equity real estate investment firm Hotel Capital.

The seven-story, 209-room hotel at 1939 North Meacham Road was built in 1983 and renovated a decade later, according to Real Capital Analytics. Hotel Capital bought the property in 2015 for $8 million, taking out a $15 million loan on it from NXT Capital.

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Schaumburg-based Pearlshire financed this month’s purchase with a $14 million mortgage from First Midwest Bank, according to Cook County records.

Pearlshire’s holdings also include the Hampton Inn & Suites in suburban Downers Grove, which it picked up in 2016 for $8 million, and the Holiday Inn Countryside LaGrange in suburban Countryside, which it bought in 2014 for $5 million, according to RCA.

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