Monarch Alternative Capital Acquires Hotel In Chicago For $29M
111 West Huron Street, Chicago, Illinois 60654, United States
$29,000,000
Building Size
—
Asset Type
Hotel
Closing
Oct 16, 2022
AI
An iconic hotel located at 111 West Huron Street in Chicago has been sold for a whopping $29,000,000. The property, which consists of 228 keys, was acquired by Monarch Alternative Capital, represented by Michael Weinstock. This hotel is a prime asset in the Chicago market.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $29,000,000
- Address: 111 West Huron Street, Chicago
- Market: Chicago
- Buyer: Monarch Alternative Capital - Michael Weinstock
- Keys: 228
- Price Per Key: $127,193
The sale of this hotel marks a significant deal in the Chicago market. Monarch Alternative Capital, represented by Michael Weinstock, made a strategic move to acquire this iconic property at 111 West Huron Street. With 228 keys, it offers ample accommodation for guests. The transaction price of $29,000,000 reflects the value of this prime asset in the hotel market in Chicago.
Chicago Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93