Vishal Thakkar Of Endeavor Hotels Acquires Hotel Portfolio From Leslie D. Hale For $68M

The property involved in this transaction is a hotel located at 6500-6650 South Cicero Avenue in Chicago, IL. This asset comprises 1,057 keys and was sold for $68,000,000, with a per key price of $64,333. The property was previously part of a larger portfolio that was purchased for $139 million in 2006.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $68,000,000
• Number of Keys: 1,057
• Market: Chicago, IL
• Property Previous Purchase Price: $139,000,000
• Percentage Decrease from Previous Purchase: 51%
• Financing: $90 million mortgage from Access Point Financial
• Buyer: Vishal Thakkar - Endeavor Hotels
• Seller: Leslie D. Hale - RLJ Lodging Trust

The transaction involved Vishal Thakkar representing Endeavor Hotels as the buyer, while Leslie D. Hale represented RLJ Lodging Trust as the seller. The acquisition not only included the hotel rooms but also an adjacent TGI Friday’s property, indicating a strategic expansion for Endeavor Hotels near Chicago’s Midway International Airport.