Marcus & Millichap has sold the 127-room Hyatt Place hotel property in Schaumburg, Ill. Other terms and conditions were not disclosed.
“In a complex transaction environment, the buyer’s strong commitment helped facilitate a smooth closing process and gave the seller confidence to move forward,” Ebrahim Valliani, managing director investments, said in a statement. “The property is scheduled for a full interior renovation and is well-positioned to become a top hotel destination in the Schaumburg submarket. With continued development activity and a strong corporate presence, the area remains an attractive and growing market for hospitality investment.”
Valliani, investment specialist in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investor groups. The transaction received additional support from Allan Miller and Chris Gomes of the Miller-Gomes Hotel Team.
Located at 1851 McConnor Parkway, the six-story Hyatt Place Chicago Schaumburg has 127 guestrooms and more than 2,800 square feet of meeting space. The property has amenities including an indoor pool, fitness center, business center, on-site dining and a market. Located near a major highway interchange and just over 14 miles from O’Hare International Airport, the hotel is within walking distance of Woodfield Mall and close to demand drivers such as Zurich Insurance, Paylocity, Motorola Solutions and Wintrust Field.