O’Hare Hyatt La Quinta Facing Foreclosure

A dual-branded hotel near O’Hare International Airport is caught up in a foreclosure tied to the U.S. EB-5 visa program which grants visas to foreign developers who invest a certain amount of capital into U.S. real estate.

A foreclosure filed last week alleges that the developer of the 400-key Hyatt La Quinta hotel in Rosemont did not pay off a $25 million construction mortgage tied to the property when the loan matured in 2022. As of July 2026, the unpaid balance toward the note totaled $23 million, according to the legal filing. The lender also requested that a judge appoint a receiver to the property, legal records show.

The little-known investor, identified in legal documents as Steven Wang of Pacific Capital Management, used the loan issued in 2014 to repurpose an existing property at 6810 Mannheim Road into the Hyatt La Quinta hotel.

The lender is listed in legal documents as an LLC tied to New York-based attorney Liu Yu.

Both could not be reached for comment.

Furthermore, there’s a $7 million mortgage taken out in 2023 by Wang and his apparent partner in the hotels venture, Eric Chang, from Chicago-based lender International Bank that’s still encumbering the property, according to Cook County records. The health of that deal and its relation to the EB-5 debt are unclear.

The foreclosure comes as other EB-5 deals fall apart elsewhere in Chicago and hotels near O’Hare struggle to recover from the pandemic.

Earlier this year, Fortress Investment Group acquired the 525-key Westin O’Hare in Rosemont for $50 million, resulting in a 39 percent loss of value for the seller, Clarion Partners, compared to its 2015 purchase price.

Meanwhile, a series of deals backed by EB-5 investors have also run into trouble.

In March, veteran Chicago hotelier Su-Mei Yen filed for Chapter 11 bankruptcy protection for 18 companies tied to a two-hotel development in the South Loop.

This move was an attempt to pause a $187 million foreclosure lawsuit brought by lender Acore Capital against the properties at 1100 South Michigan and 1101 South Wabash avenues.

Yen and her daughter, Cassie Yen, are also facing three separate lawsuits from EB-5 investors who claim to have invested nearly $50 million in the development entities.

Also this year, Quadrum Global filed a foreclosure complaint against Oxford Capital’s Godfrey Hotel in River North, putting the property and nearly $24 million from EB-5 investors at risk.