- Endeavor acquired Illinois hotel for $24.1 million.
- Sale followed a loan default and receivership.
- Hunter Advisors brokered the transaction.
The sale followed a loan default and receivership involving the hotel's previous owners, a partnership between Seaview Investors and Chelsea Hospitality Partners. The group bought the hotel for nearly $34 million in 2015 and later invested another $9 million in improvements, The Real Deal reported.
The owners borrowed $25.3 million from Western Alliance Bank in 2019. They still owed $23.8 million when the loan came due on May 22, 2025, but did not repay it. The sale covered the outstanding loan and ended a dispute that had lasted more than a year. The final price was higher than the roughly $23 million Hunter had expected.
The 10-story hotel, built in 1989, is in DuPage County's main corporate district, along the I-88 East-West Tollway between Oak Brook and Lombard. The property offers about 5,875 square feet of meeting space, including a 2,016-square-foot-ballroom, an indoor pool and a fitness center.
“This institutional-quality hotel has long been coveted by local owners, and the property is something of an icon in the Lombard market, with excellent visibility along Butterfield Road,” said Spencer Davidson, Hunter senior vice president. “We ran a highly competitive process, which reflects both the rebound in post-COVID performance and Chicago-area hoteliers’ conviction in the market’s long-term strength.”
Illinois-based Endeavor is led by founder and principal Vishal Thakkar.
Renovation plan and nearby projects
Endeavor plans to invest more than $7.8 million in hotel upgrades over the next three years, or about $30,000 per room.
Davidson said the hotel had significant potential and that the planned upgrades would further improve its performance.
More than $500 million in development projects are planned nearby. Hines' Oak Brook Commons, a mixed-use project on the former McDonald's headquarters site, will include 250 luxury apartments, 52 condominiums, 290,000 square feet of office space and five restaurants. A redevelopment of a 12-acre site at the nearby Yorktown Center will add more than 700 residential units, a one-acre community park, retail and dining space.
Nearby employers include Ace Hardware, TreeHouse Foods, Federal Signal, Hub Group, Lions Clubs International, Advocate Health Care and The Joint Commission. The Morton Arboretum, which attracts more than 1.2 million visitors annually, is also nearby. As of June, no hotels were under construction within five miles of the property, Hunter said.
Hunter recently brokered the $8.65 million sale of the 89-key Fairfield Inn & Suites Jacksonville West Chaffee Point in Jacksonville, Florida.
