Olshan Properties Acquires the Hilton Orrington in Evanston, IL for Approximately $60 million
December 21, 2015 8:54am
NEW YORK, Dec. 21, 2015 -- Olshan Properties, one of the country's leading private owners, developers and operators of commercial real estate, today announced that it has acquired the Hilton Orrington in Evanston, IL for approximately $60 million. The seller was a joint venture of the Carlyle Group and Dow Hotel Company.
"Olshan Properties is thrilled to lend our name and hospitality expertise to the historic Hilton Orrington/Evanston. 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 Hilton Orrington/Evanston 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 award-winning Marriott, Sheraton and Hilton-flagged properties.
One of the finest hotels on Chicago's North Shore, the 269-key, full-service Hilton Orrington/Evanston first opened its doors in 1928. Today, the Hilton Orrington enjoys multi-faceted, year-round demand based on the corporate, leisure and university-related sectors thanks to its location one block from 'Big Ten' school, Northwestern University, and 15 miles from downtown Chicago.
Evanston's only full-service hotel, the AAA-Four Diamond Hilton Orrington 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 SF of public space. The hotel offers valet parking, a 24-hour business center and fitness center, and complimentary high-speed Wi-Fi. A monument to generations of visitors and locals alike, the Hilton Orrington is also home to Evanston's preferred wedding venue, the 5,800 SF Grand Ballroom with its 2,300 SF promenade featuring panoramic views over Lake Michigan and downtown Evanston. Notably, also the Hilton Orrington comprises a 12,000 SF IACC-certified conference center. The hotel's dining options are highlighted by its own eTown Bistro – a casual dining restaurant featuring traditional American cuisine, and by the acclaimed Farmhouse Evanston of 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," commented 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 their sale of the Hilton Orrington.
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Olshan Properties is a privately owned real estate firm specialized in the development, acquisition, leasing and management of commercial real estate for more than 55 years. The close integration of investment and operating capabilities has given Olshan Properties a reputation as one of the leading private owner/operators of commercial real estate in the country.
Olshan Properties currently owns and/or manages, individually or with its affiliated companies, a diverse portfolio of commercial properties including Retail, Hotel, Office, and Residential in eleven states. For more information, click here.
Contact: Mary Kate Morrow, Rubenstein Associates
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