Onni Group Acquires Hotel In Chicago From Sterling Bay For $63M
SOLD
$63,000,000
Illinois
See Similar DealsHotel28,500 SF
Sold 12/23/2021
SOLD
Onni Group Acquires Hotel In Chicago From Sterling Bay For $63M
311 North Morgan Street, Chicago, IL 60607
See Similar DealsHotel28,500 SF
Sold 12/23/2021
Summary
ILLINOIS
Asset Type:Hotel
Price Per Square Foot:$2,210
Total Square Footage:28,500 SF
Transaction Type:Sale
The Hotel located at 311 North Morgan Street in Chicago has been sold for a total of $63,000,000. The property was purchased by Onni Group, represented by Rossano De Cotiis, while Sterling Bay served as the seller. The transaction took place on December 23, 2021.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $63,000,000
- Address: 311 North Morgan Street, Chicago
- Buyer: Onni Group - Rossano De Cotiis
- Seller: Sterling Bay
- Market: Chicago
The Onni Group, led by Rossano De Cotiis, successfully acquired the Hotel located at 311 North Morgan Street in Chicago from Sterling Bay. This significant transaction involved a total of 159 keys, with a price per key (PPK) of $396,226. The deal showcases the strong presence and influence of both the buyer and seller within the Chicago real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,360,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$223,825.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$298,652.14
Annual Debt Service$3,583,825.69
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