NATIONAL REPORT—The beginning weeks of Q4 continue to see buy/sell activity.
MCR has acquired the 120-room Hampton Inn & Suites by Hilton in Mount Prospect, IL, a northwest suburb of Chicago, for $12.75 million. The property is located in Randhurst Village, a one-million-sq.-ft. open-air, lifestyle center.
“The acquisition of this property by MCR represents the investment of a high-quality hotel with an industry leading brand at a price well below replacement cost,” said Tyler Morse, CEO/managing partner of MCR. “The hotel is positioned to provide attractive returns to our investors and will benefit from its proximity to both the retail amenities and the local demand generators.”
The hotel’s location within Randhurst Village provides its guests with proximity to various shopping, dining and entertainment options, according to the company. The hotel also serves visitors to some of the many businesses in Mount Prospect, including the U.S. offices of Japanese corporations Mizkan and NTN Bearing, as well as Allstate Insurance, ITW, and a satellite office for CVS Caremark.
Situated at 999 N. Elmhurst Rd., the property, which opened in 2012, provides daily, free breakfast, covered garage parking, indoor pool, fitness center, meeting space for up to 70 people, a 24-hour business center and a 24-hour Suite Shop.
Georgia on Your Mind?
HREC Investment Advisors is offering the 82-key Quality Inn at Albany Mall in Albany, GA, at $4.8 million with a PIP assumption of $200,000. (If PIP exceeds $200,000 pricing will be reduced accordingly, noted HREC.)
There’s an approximately 27% cash-on-cash return based on trailing 12 revenues through September, assuming 75% leverage, added the company.
The two-story property, built in 1983, is offered unencumbered by management. It features parking, a fitness center, WiFi, outdoor pool, business center and an exterior elevator.
On the Block
Paramount Lodging Advisors has 71-room Comfort Inn & Suites Warsaw, IN, on the block, noting the fee-simple interest is offered at a substantial discount to replacement cost.
The hotel is being offered for sale through Ten-X in an October 23-25 auction and is unencumbered of debt and management.
The all-in cost basis is anticipated to reflect a 10%-plus cap rate, with a walk-in, mid-teens cash-on-cash return, according to the broker.
The property is adjacent State Route 30 and is proximate regional demand generators, including Winona Lake, Grace College and Zimmer Biomet.
Ritz-Carlton, Grand Cayman Has New Owner
Dart Real Estate has purchased The Ritz-Carlton, Grand Cayman. The luxury resort property, located along Seven Mile Beach, is an investment that expands Dart Real Estate’s portfolio of tourism assets and reinforces investor Kenneth Dart’s commitment to the Cayman Islands, according to the company.
“This investment demonstrates Mr. Dart’s confidence and willingness to invest in the strength and resilience of the Cayman Islands economy,” said Mark VanDevelde, CEO of Dart Enterprises, the parent company of Dart Real Estate.
While there is a change in ownership, a long-term management agreement with The Ritz-Carlton Hotel Company LLC remains in place.
“The Ritz-Carlton, Grand Cayman has been the standard bearer for excellence in the region for more than a decade,” said Dart Real Estate President Jackie Doak. “We look forward to working with management on the preservation of the resort’s legacy, enabling the Cayman Islands to retain its position as a preferred luxury Caribbean destination for visitors and investors alike.”