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Ketu Amin Of Vinakom Acquires Hampton Inn-Homewood Suites In Streeterville For $28.3M
SOLD
$28,300,000
Illinois
See Similar DealsHotel
Sold 07/21/2025
SOLD
Ketu Amin Of Vinakom Acquires Hampton Inn-Homewood Suites In Streeterville For $28.3M
160 East Huron Street
See Similar DealsHotel
Sold 07/21/2025
Summary
ILLINOIS
Asset Type:Hotel
Transaction Type:Sale
The transaction involves the acquisition of the Hampton Inn-Homewood Suites Magnificent Mile, a hotel asset located at 160 East Huron Street in the Streeterville neighborhood of Chicago. The sale price was $28,300,000, reflecting a significant decrease from its previous sale price of $36,000,000 in 2018. The property includes 352 keys, with a price per key of $80,398.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $28,300,000
- Buyer: Ketu Amin - Vinakom
- Seller: Vamsi Bonthala - Arbor Lodging
- Broker: JLL
- Market: Streeterville, Chicago
- Keys: 352
- PPK: $80,398
Ketu Amin acquired the property through an affiliate, demonstrating a strategic move in the hotel market amid ongoing pressures from elevated interest rates, inflation, and lasting effects of the pandemic, despite a recovery in occupancy rates.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,509,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$100,543.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$134,156.44
Annual Debt Service$1,609,877.26
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