Pearlshire Capital Acquires Chicago Holiday Inn
Wednesday July 30th, 2014 - 9:10AM EH
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
CHICAGO—Pearlshire Capital Group has taken ownership of the Holiday Inn Chicago SW Countryside Conference Center and William Tell Restaurant.
The new owners of the 172-room hotel plan to invest $8 million in capital improvements to reposition the property.
Pearlshire Capital Group will retain Ultima Hospitality, which has managed the property since 2012. Rehan Zaid, a principal of Pearlshire, commented, “Working together [with Ultima] on our plans for an extensive renovation of this historic property will develop great potential for the hotel and our partnership.”
Ultima's COO, Mark Zettl, noted, “For the past two years we have produced strong results at Holiday Inn Countryside. The owner’s commitment and the plans to improve the hotel will allow the team to grow our business and elevate the guest experience.”
Holiday Inn SW Countryside Conference Center and William Tell Restaurant feature more than 25,000 sq. ft. of conference space along with an indoor recreational center featuring an Olympic-size pool, two Jacuzzis, a sauna, a children's pool, a fitness center and game area.
The hotel is situated close to downtown Chicago, Chicago O'Hare International Airport and Chicago's Midway Airport.
Tags: Pearlshire Capital • Ultima Hospitality • Holiday Inn Countryside • Chicago • Hospitality • Acquisitions • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.