CitizenM Acquires Hotel On 300 North Michigan Avenue In Chicago For $74M
SOLD
$74,000,000
Illinois
See Similar DealsHotel
Sold 10/10/2022
SOLD
CitizenM Acquires Hotel On 300 North Michigan Avenue In Chicago For $74M
300 North Michigan Avenue, Chicago, Illinois 60601, United States
See Similar DealsHotel
Sold 10/10/2022
Summary
ILLINOIS
Asset Type:Hotel
Transaction Type:Sale
300 North Michigan Avenue in Chicago has been sold for $74,000,000. This property is a hotel with 280 keys and a price per key (PPK) of $264,286. The sale took place on 10/10/2022, and the transaction was facilitated by Klaas van Lookeren Campagne representing citizenM as the buyer, and Andy Gloor representing Sterling Bay as the seller.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $74,000,000
- Address: 300 North Michigan Avenue, Chicago
- Market: Chicago
- Buyer: citizenM - Klaas van Lookeren Campagne
- Seller: Sterling Bay - Andy Gloor
- Keys: 280
- PPK: $264,286
Klaas van Lookeren Campagne, representing citizenM, and Andy Gloor, representing Sterling Bay, were the key individuals involved in this transaction. The deal marks a significant sale in the Chicago hotel market.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,946,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$262,906.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$350,797.75
Annual Debt Service$4,209,573.04
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