The Hotel Versey located at 644 West Diversey Parkway in Chicago's Lakeview neighborhood was sold for $24 million to George Nediyakalayil, in partnership with NexGen Hotels. The 137-key boutique hotel was financed with a $22.5 million mortgage and was purchased through an LLC. The property was acquired from Garrison Investment and the transaction was facilitated by brokers Adam Foret, James Foxx, Marcello Campanini, Nate Sahn, and Nicholas Endre of CBRE.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $24,000,000
• Buyer: George Nediyakalayil - Gas Depot Oil Company; NexGen Hotels
• Seller: Garrison Investment
• Brokers: Adam Foret, James Foxx, Marcello Campanini, Nate Sahn, & Nicholas Endre - CBRE
• Lender: Peachtree Group
• Keys: 137 ~ PPK: $175,182

Chicago-based petroleum businessman George Nediyakalayil, known for his investments in the hospitality industry, acquired the Hotel Versey with NexGen Hotels. The purchase was financed with a substantial mortgage, signaling Nediyakalayil's continued interest in expanding his presence in the sector. The involvement of multiple industry professionals, including brokers and lenders, highlights the collaborative effort that facilitated the successful completion of the transaction.