NEW YORK—Olshan Properties has acquired the Hilton Orrington/Evanston in Illinois for approximately $60 million. The seller was a joint venture of The Carlyle Group and The Dow Hotel Company.
“Not only does this newly renovated property boast a fantastic location in one of Chicago’s hottest submarkets, but also is the market leader and hotel of choice for visitors to prestigious Northwestern University, as well as the greater Chicago region,” commented Andrea Olshan, CEO of Olshan Properties.
“We are also very pleased to have expanded our national hotel presence in the Midwest through this acquisition, which represents another prominent Hilton flag in our family of hotels,” she added.
The property is Olshan’s third full-service Hilton under management, and the company’s first Chicagoland property. With this transaction, Olshan Properties now owns and manages six hotels throughout the nation, including Marriott-, Sheraton- and Hilton-flagged properties.
The 269-key, full-service Hilton Orrington/Evanston first opened its doors in 1928. It completed an extensive $5.1-million renovation this year. Hotel-wide upgrades focused on guestrooms, lobby and select meeting areas in its over 25,000 sq. ft. of public space. The hotel offers valet parking; 24-hour business and fitness centers; and complimentary high-speed WiFi. It is features a 5,800-sq.-ft. Grand Ballroom with its 2,300-sq.-ft. promenade featuring views over Lake Michigan and downtown Evanston. The hotel also includes a 12,000-sq.-ft. conference center. Dining options include the eTown Bistro a casual dining restaurant featuring traditional American cuisine; and Farmhouse Evanston by celebrity farm-to-table chef Eric Mansavage.
“As Olshan Properties looks to further expand our national real estate footprint, the Chicago region has long been in our sights but proved elusive until today,” said Michael Odell, managing director of capital markets at Olshan Properties. “We’re very excited that a property with such an irreplaceable location, unique market positioning and rich history, was able to meet the disciplined investment criteria to which we adhere when making additions to our portfolio.”
JLL represented The Carlyle Group and The Dow Hotel Company in the sale.