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Parag Patel Acquires Hilton Garden Inn In Evanston From Robert Indeglia For $18M
SOLD
$18,000,000
Illinois
See Similar DealsHotel
Sold 05/23/2025
SOLD
Parag Patel Acquires Hilton Garden Inn In Evanston From Robert Indeglia For $18M
1818 Maple Avenue
See Similar DealsHotel
Sold 05/23/2025
Summary
ILLINOIS
Asset Type:Hotel
Transaction Type:Sale
The transaction involved the sale of a hotel asset located at 1818 Maple Avenue in Evanston. The sale price was $18,000,000. The property is characterized as a hotel and was previously owned by Magna Hospitality Group.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $18,000,000
- Buyer: Parag Patel
- Seller: Robert Indeglia - Magna Hospitality Group
- Market: Evanston
Parag Patel's venture acquired the Hilton Garden Inn in Evanston from Robert Indeglia's Magna Hospitality Group. This acquisition contributes to Patel's expanding portfolio of hotel properties in the Chicago area, aligning with his strategic outlook on a rebound in the hospitality sector, particularly in light of Northwestern's $800M stadium project aimed at increasing local demand.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$960,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20
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