Parag & Kevin Patel's LLC Acquires Distressed Aloft Hotel In Bolingbrook For $17.3M

An LLC managed by Parag and Kevin Patel purchased a distressed Aloft-branded hotel in Bolingbrook, suburban Chicago, for $17.3 million. The property, located at 500 Janes Avenue, was sold by LTD Hospitality Group. The transaction took place on September 14, 2023. The hotel consists of 155 keys and has a price per key (PPK) of $111,613.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $17,300,000
• Address: 500 Janes Avenue - Aloft Bolingbrook
• Market: Bolingbrook
• Buyer: Parag & Kevin Patel; Paramount Lodging Advisors - Sanjeev Misra
• Seller: LTD Hospitality Group - Neel Desai
• Broker: Matthew Tarshis - Frontline Real Estate Partners
• Keys: 155
• PPK: $111,613

In addition to the buyers Parag and Kevin Patel, Sanjeev Misra of Paramount Lodging Advisors was also involved in the purchase. The new owners assumed the existing debt, negotiated a slightly lower interest rate, and deferred interest payments to the loan's 2030 maturity date. The deal was brokered by Matthew Tarshis of Frontline Real Estate Partners.