James Merkel & Matt Welch Of Rockbridge Acquire Hyatt House Chicago From Andy Gloor, Rick Kleeman & Jonathan Paul
105 North May Street
Building Size
—
Asset Type
Hotel
Closing
Aug 19, 2024
About this deal
AI
The transaction involves the sale of a 200-room hotel located at 105 North May Street in Chicago’s Fulton Market. Rockbridge acquired the property from Sterling Bay and Wheelock Street Capital for a price above the $61M loan but below its $80M appraisal, indicative of the area's ongoing appeal despite challenges in the commercial real estate sector.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: Above $61M, below $80M appraisal
- Address: 105 North May Street
- Market: Chicago
- Keys: 200
- Buyer: James Merkel & Matt Welch - Rockbridge
- Seller: Andy Gloor - Sterling Bay; Rick Kleeman & Jonathan Paul - Wheelock Street Capital
- Brokers: Adam McGaughy & John Nugent - JLL
The sale exemplifies the full leasing status of the hotel and the advantages derived from corporate clustering in the Fulton Market area, showcasing the dynamics of the current market environment.
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Chicago Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93