News for the Hospitality Executive
Through a Voint Venture Janko Group, Bricton
Group and Heitman Acquire
Former Holiday Inn Naperville, Illinois
be Re-branded as a Full-Service Marriott Following $30 million
Ill. (January 18, 2011) – In
a joint venture, the team of Janko Group,
Bricton Group and a Heitman-managed real estate fund announced
acquisition of the former Holiday Inn Naperville, which will reopen as
full-service Marriott in March, 2012. After an extensive $30
renovation to be implemented by Peak Construction, the hotel will
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.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.
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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|