Onni Group Acquires Hotel In Chicago From Sterling Bay For $63M
311 North Morgan Street, Chicago, IL 60607
$63,000,000
$2,210/SF
Building Size
28,500 SF
Asset Type
Hotel
Closing
Dec 23, 2021
AI
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.
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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93