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Frontier Development, Sun Development, And 3H Group Acquire Hotel In Downers Grove, IL For $14.5M

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SOLD
$14,500,000

Illinois

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Hotel
Sold 10/06/2022
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Property Image
SOLD

Frontier Development, Sun Development, And 3H Group Acquire Hotel In Downers Grove, IL For $14.5M

1500 Opus Place, Downers Grove, Illinois 60515, United States

See Similar Deals
Hotel
Sold 10/06/2022
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Hotel
Transaction Type:Sale

The hotel located at 1500 Opus Place in Downers Grove, IL was recently sold in a transaction. The property, which is classified as a hotel, was purchased by Frontier Development & Hospitality Group, Sun Development & Management Corp., and 3H Group. The buyers were represented by Evens Charles, Bharat Patel, and Hiren Desai respectively. The seller of the hotel was Host Hotels & Resorts, with James Risoleo representing them.

Summary of Transaction Details

  • Property Type: Hotel
  • Sale Price: $14,500,000
  • Address: 1500 Opus Place, Downers Grove, IL
  • Market: Downers Grove, IL
  • Buyer: Frontier Development & Hospitality Group - Evens Charles, Sun Development & Management Corp. - Bharat Patel, 3H Group - Hiren Desai
  • Seller: Host Hotels & Resorts - James Risoleo

The transaction involved a total of 254 keys and the price per key was $57,087.

Players

James Risoleo
James Risoleo
9 deals$2.4B volume
SELLER

Details

SOLD
IMAGE: Bharat Patel, Evens Charles, James Risoleo & Hiren Desai DATE: 10/06/2022 ADDRESS: 1500 Opus Place MARKET: Downers Grove, IL ASSET TYPE: Hotel BUYER: Frontier Development & Hospitality Group - Evens Charles; Sun Development & Management Corp. - Bharat Patel; 3H Group - Hiren Desai SELLER: Host Hotels & Resorts - James Risoleo SALE PRICE: 14,500,000 KEYS: 254 ~ PPK: $57,087

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$773,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$51,515.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$68,737.40
Annual Debt Service$824,848.77