Hotel Online Special Report

The 406 Room Quality Inn Downtown 
Chicago, Illinois is Sold
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. 

Jim Burba 949.553.0808
Kurt Lindsey 212.687.5500
Also See: Insignia/ESG Hotel Partners Bring on Several New Appointments / Nov 1998 
Lend Lease's Value Enhancement Fund III Purchases Westin River North Hotel In Chicago / Jan 1999 

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