Hunter Advisors has sold the Homewood Suites Chicago-Downtown, a 233-room, extended-stay hotel located in Chicago. Other terms and conditions were not disclosed. The transaction was led by VP Spencer Davidson and VP Riana Stadlen.
The Homewood Suites Chicago-Downtown is a Hilton-branded, all-suite hotel positioned one block from the Magnificent Mile and within walking distance of the Chicago River. The property occupies floors 6 through 19 of a 19-story building and has apartment-style accommodations with fully equipped kitchens and separate living and sleeping areas. Amenities include 1,784 square feet of meeting space, a rooftop indoor pool and fitness center with skyline views, a business center, and complimentary breakfast.
“This was a rare opportunity to acquire a well-located, institutional-quality extended-stay asset in one of the country’s most supply-constrained urban markets,” Davidson said in a stateemnt. “The combination of brand, location, and clear operational upside drove strong investor interest.”
The property has meaningful value-add potential through the completion of a property improvement plan and operational enhancements, with opportunity to improve performance relative to its competitive set, according to the company.
“With limited new supply and high barriers to entry along the Magnificent Mile, assets like this continue to attract long-term capital,” said Stadlen. “This transaction reflects continued demand for well-positioned assets in top-tier urban markets.”
Chicago remains one of the nation’s leading economic centers, with a population of approximately 9.5 million in the metro area and a diverse base of corporate headquarters and global employers supporting long-term lodging demand. The offering generated interest from a broad pool of qualified investors seeking exposure to institutional-quality assets in major gateway markets.