JAMP Hotels Acquires La Quinta Hotel In Chicago For $30.5 Million From Highgate Hotels And Cerberus Capital Management

A hotel property located at 1 South Franklin Street in Chicago, IL, features 239 keys. The sale involved a transaction amount of $30,500,000. The asset is associated with the La Quinta brand and is part of a larger portfolio previously acquired by Highgate Hotels and Cerberus Capital Management.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $30,500,000
• Keys: 239
• Buyer: Jaymin Patel, Lal Patel, Mahesh Patel & Rupesh Patel - JAMP Hotels
• Seller: Mahmood Khimji & Mehdi Khimji - Highgate Hotels; Frank Bruno - Cerberus Capital Management
• PPK: $127,615
• Date of Sale: 06/16/2026

The transaction reflects a strategic move by JAMP Hotels to enhance its presence in downtown Chicago, as the company plans to invest in upgrades for the property amid ongoing recovery in the hospitality market following the pandemic.