Inland American Real Estate Trust Inc. Acquires Hotel Monaco Chicago;
By Gabriel Circiog, Associate Editor
Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate Trust Inc., recently announced the acquisition of three luxury boutique hotels from Kimpton’s Hotel Monaco collection. The three hotels, acquired for a purchase price of $189 million include the Hotel Monaco Chicago, Hotel Monaco Denver and the Hotel Monaco Salt Lake City.
“These hotels are well positioned to experience strong growth from the affiliation with Kimpton’s well-established Hotel Monaco flag and their exceptional locations and quality levels,” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc. “Being located in premier urban locations with multiple demand generators, these hotels are poised to provide superior yields and maintain market leadership.”
Located on the corner of North Wabash Avenue and East Wacker Place in downtown Chicago, Hotel Monaco Chicago was completely redeveloped from the historic 1912 Fisk Building and opened in 1998. The 14-story hotel features 191 guest rooms, including 22 suites and features numerous amenities including a fitness center, in-room spa services and approximately 4,100 square feet of meeting space. The property also features the 206-seat South Water Kitchen restaurant.
In other local real estate news, Sally Macoicz of Cushman & Wakefield’s Chicago office represented Friedman Realty in the sale of a 312,000-square-foot industrial building in Chicago. The investment buyer was Venture One Real Estate LLC.
Friedman Realty, an affiliate of Dearborn Wholesale Grocers, had occupied the facility located at 2801 South Western Avenue on the near south side of Chicago, before downsizing and relocating within the market. The building was sold vacant and Macoicz, along with Cushman & Wakefield’s Larry Goldwasser and Colin Green are marketing it for lease. Situated just off the interchange of I-55 and Damen Avenue, the building provides easy access to the Interstate.
“The building has features that are very unique for the city of Chicago, including 28- to 30-foot clear ceilings, which are much higher than competing buildings,” Macoicz, says. “The building has features that are very unique for the city of Chicago, including 28- to 30-foot clear ceilings, which are much higher than competing buildings. Also very unusual for Chicago is the fact that the site offers rail service and has five additional acres that could be utilized for trailer parking, or even expansion of the building.”
Photo Courtesy of: www.monaco-chicago.com