Parag Patel Acquires Hilton Garden Inn In Evanston From Robert Indeglia For $18M
1818 Maple Avenue
$18,000,000
Building Size
—
Asset Type
Hotel
Closing
May 23, 2025
About this deal
AI
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.
On the Map
$18,000,000
Hotel
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Evanston 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
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93