Hotel Online
News for the Hospitality Executive

advertisement
 
 

Through a Voint Venture Janko Group, Bricton Group and Heitman Acquire
Former Holiday Inn Naperville, Illinois

To be Re-branded as a Full-Service Marriott Following $30 million Renovation
.

NAPERVILLE, Ill. (January 18, 2011) – In a joint venture, the team of Janko Group, Bricton Group and a Heitman-managed real estate fund  announced today its acquisition of the former Holiday Inn Naperville, which will reopen as a full-service Marriott in March, 2012.  After an extensive $30 million renovation to be implemented by Peak Construction, the hotel will exhibit the high standards guests expect from a Marriott Hotel.

“We are excited to be working with our new partners Heitman and Bricton Group.  This was an extremely complex acquisition given the lender foreclosure, need for tax rebates, issuance of bonds, as well as the need to secure the franchise agreement with Marriott International,” said Gary Janko, senior managing director and principal at the Janko Group.  “I am very proud of what our entire team was able to accomplish in a very short period of time.  The finished Marriott product should be well received in the marketplace.”         

 “We’re thrilled to open a Marriott in Naperville and we’re doing our best to ensure this new hotel best meets the needs of travelers and the Naperville community,” said Eileen Cole, corporate director of sales for the Bricton Group.  “We will work closely with the Naperville Development Partnership and Convention and Visitors’ Bureau to assist us in bringing more business to the community.  From meeting spaces to luxurious and comfortable accommodations, the hotel will be a great fit in the area.”

“We are delighted to learn about the new Marriott in Naperville and see great benefits for Naperville,” said Christine Jeffries, president of the Naperville Development Partnership. “We’re happy to assist the hotel as they enter the new phase in opening the Marriott.”   

The $30 million redevelopment includes a complete transformation of the asset into a business class hotel with state-of-the-art meeting space and top-tier food and beverage outlets. 

About the Janko Group
Janko Group, founded in 1988, is a privately owned real estate investment company with an existing portfolio of assets in excess of $250 million including land with significant future development.  The firm's primary focus is adding value to real estate through strategic acquisition, land development, vertical development and structured financing.  To learn more about the Janko Group, please visit www.jankogroup.us.

About the Bricton Group

The Bricton Group's hotel management company philosophy is to deliver quality, value, service and results.  Bricton currently oversees a hotel portfolio of 15 hotels with a market value in excess of $320 million.  To learn more about the Bricton Group, please visit www.bricton.com

About Heitman Heitman, founded in 1966 and headquartered in Chicago, manages over $21 billion in assets invested directly and indirectly in real estate in North America, Europe and Asia. The firm's clients include US and international institutions, pension plans, endowments and foundations, and individual investors. To learn more about Heitman, please visit www.heitman.com.
.
Contact:

Molly Lynch
C: 773-505-9719
molly@lynchgrouponline.com
Follow me on Twitter at www.twitter.com/mollylynch

 

.
Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here  

 To Learn More About Your News Being Published on Hotel-Online Inquire Here

Also See: Portfolio Hotels & Resorts Managing the 470-room Hyatt Regency Woodfield in Schaumburg, IL on Behalf of Owner The Harp Group / September 2007
.


To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News
| Industry Resources

Please contact Hotel.Onlinewith your comments and suggestions.