Ketu Amin Of VinaKom Acquires Westin Chicago North Shore Hotel From AVR Realty For $34M

The property asset involved in the transaction is a hotel located at 601 North Milwaukee Avenue in Wheeling, known as the Westin Chicago North Shore. The sale price was $34,000,000, reflecting approximately $82,524 per key for the 412-room establishment. The transaction occurred on August 29, 2024.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $34,000,000
• Buyer: Ketu Amin - VinaKom
• Seller: AVR Realty
• Broker Representatives: Adam McGaughy & John Nugent - JLL
• Lender: Reinsurance Group of America
• Keys: 412
• Price Per Key: $82,524

Ketu Amin’s venture financed the acquisition of the Westin Chicago North Shore with a $24.5 million loan from Reinsurance Group of America. This purchase represents a decline of 34% from the hotel's 2013 value, highlighting current trends in commercial property valuations affected by rising interest rates and shifts in business travel dynamics.