Peter Patel Of Formation Capital Acquires Holiday Inn Express Chicago Magnificent Mile $16.43M

The 174-room Holiday Inn Express Chicago Magnificent Mile at 640 North Wabash Avenue in Chicago was sold for $16.43 million. The property was acquired by Peter Patel of Formation Capital, reflecting the financial distress many hotels faced post-pandemic. This price was a discount to the $21 million debt owed by the previous owners Oxford Hotels & Resorts and Gettys Group.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $16,430,000
• Address: 640 North Wabash Avenue
• Market: Chicago
• Buyer: Peter Patel - Formation Capital
• Brokers: Andrew Makhlouf, Brent Clemens, Mike Schlictman & Bennett Webster - Paramount Lodging Advisors
• Keys: 174
• Price Per Key: $94,425

The property was auctioned by Ten-X and the transaction involved brokers Andrew Makhlouf, Brent Clemens, Mike Schlictman, and Bennett Webster from Paramount Lodging Advisors. Peter Patel of Formation Capital successfully acquired the Holiday Inn Express, marking the deal as a significant purchase in the Chicago market.