Ketu Amin Of Vinakom Acquires Hampton Inn-Homewood Suites In Streeterville For $28.3M

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.