Anuradha Shah & Jaimin Shah Of Avasa Hospitality Acquire Hotel From Mark Gabbay For $13.2M

The transaction involved the acquisition of a hotel asset located at 100 East Chestnut Street in Chicago. The sale price was $13,200,000 for the 122-room hotel, previously known as the Tremont Chicago. This property was sold at a significant discount from its $22.5 million pre-pandemic value. The acquisition came after a foreclosure process and the property had been utilized as a city homeless shelter before the transaction.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $13,200,000
• Buyer: Anuradha Shah & Jaimin Shah - Avasa Hospitality
• Seller: Mark Gabbay - LaSalle Investment Management
• Lender: Millennium Bank
• Keys: 122
• PPK: $108,197

The acquisition was completed by Avasa Hospitality, represented by Anuradha Shah and Jaimin Shah. Mark Gabbay represented LaSalle Investment Management in the sale of the property. The financing for the acquisition included a $10 million loan obtained from Millennium Bank.