News for the Hospitality Executive |
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’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. 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 [email protected] Follow me on Twitter at www.twitter.com/mollylynch
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Also See: | Portfolio Hotels & Resorts Managing the 470-room Hyatt Regency Woodfield in Schaumburg, IL on Behalf of Owner The Harp Group / September 2007 |