JAMP Hotels Acquires La Quinta Hotel In Chicago For $30.5 Million From Highgate Hotels And Cerberus Capital Management
1 South Franklin Street
$30,500,000
Building Size
—
Asset Type
Hotel
Closing
Jun 16, 2026
About this deal
AI
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.
On the Map
$30,500,000
Hotel
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Franklin Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93