ARBOR LODGING PARTNERS in early February bought the 398-room Chicago Marriott Schaumburg in Schaumburg, Illinois, a suburb of Chicago.
Acquired for $35.5 million through a joint venture with Middleton Partners, it is the largest single hotel transaction in Schaumburg in 10 years, according to Crain’s Chicago Business.
Vamsi Bonthala is CEO of Arbor Lodging Partners, based in Chicago. Mitchel Greenberg is president of Middleton Partners, an affiliate of ASA Properties LLC of Northbrook, Illinois.
The 13-story full-service hotel is managed by Arbor Lodging Management, an affiliate of Arbor Lodging Partners of which Sheenal Patel is CEO.
The new owners plan a significant renovation and repositioning of the hotel. The hotel has not been upgraded in more than 10 years. Improvements will be made in its guest rooms and baths, lobby, dining area, more than 28,000 square feet of meeting and event facilities and the M Club Lounge.
“The decision to add the Chicago Marriott Schaumburg to our hotel collection stems much deeper than simply adding another 398 rooms to the portfolio,” said Bonthala in a statement. “This investment in our local community directly aligns with Arbor’s disciplined investment strategy, growth plans and values. We’ve been looking for the right opportunity to make our entry into the competitive Chicago market for some time and when presented with a performing asset that has significant upside, we knew it was the right choice for Arbor.”
Arbor Lodging Partners owns 17 hotels throughout the U.S.