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
$14,500,000
Building Size
—
Asset Type
Hotel
Closing
Oct 5, 2022
AI
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
Downers Grove 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
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93