Frontier Development & Hospitality Group LLC and its partners, Sun Development & Management Corporation and 3H Group Inc., have acquired the seven-story, 254-key Chicago Marriott Suites Downers Grove in Downers Grove, IL.
The hotel offers 254 all-suite guestrooms with separate living areas, as well as amenities, including 3,400 sq. ft. of meeting space, an indoor and an outdoor pool, a fitness center and ALLIE’S American Grille all-day restaurant and bar. The property is scheduled to undergo a $10-million capital improvements plan.
“This hotel purchase presented a unique opportunity to acquire an institutional asset from a REIT at a great basis, during a down market, with strong upside potential,” said Evens Charles, CEO, Frontier Development & Hospitality Group LLC. “Collectively, this acquisition is consistent with our commitment to drive value and expand in strategic submarkets and diversify our growing portfolio.”
Hiren Desai, president/CEO, 3H Group, said, “This property is a great opportunity for a joint venture. Not only is it well positioned within the region, but it complements other joint venture properties we have in the Chicago area.”
“This is our first joint venture with Frontier, and we have found a partner who shares our views of the hospitality real estate market today,” said Bharat Patel, chairman/CEO, Sun Development & Management Corp. “This acquisition of the Chicago Marriott is a strong foundation for us to continue our growth through further investments and acquisitions while being aligned with two companies that share similar objectives and outlook on the hospitality and real estate markets.”
The 6.4-acre property is located approximately 20 miles west of Chicago and 11 miles from O’Hare International Airport.