|Chicago, IL April 1, 1999 - Insignia/ESG Hotel Partners
is pleased to announce the sale of the 406-room Quality Inn Downtown in
Chicago, Illinois. The hotel, located at the intersection of Madison
and Halsted Streets, was sold by a local private partnership to a private
LLP with management by F & F Realty. Senior managing director
John Karver of Insignia/ESG Hotel Partners' Chicago office represented
the seller in this transaction.
The new owner plans to significantly upgrade both the interior and exterior
of the hotel to reflect the revitalization of the neighborhood surrounding
the hotel. The West Side has become a fashionable and highly desirable
neighborhood for "loft style" residential development and a trendy district
for restaurants and nightclubs. Moreover, the property is positioned
as the closest hotel to the United Center. Approximately $10M is
budgeted for this major renovation.
Mr. Karver has played a broad role in the changing downtown Chicago
hotel environment. Prior to this sale, he represented the seller
of the 578-room Days Inn Lake Shore Drive. More recently, he represented
the developer in the presale of the Homewood Suites, currently under construction
in the NorthBridge development.