CitizenM Acquires Hotel On 300 North Michigan Avenue In Chicago For $74M
300 North Michigan Avenue, Chicago, Illinois 60601, United States
$74,000,000
Building Size
—
Asset Type
Hotel
Closing
Oct 9, 2022
AI
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
Chicago 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93