FOR SALE:Hotel in Chicago (Flagged Ship)

[Robert Coleman]

Former Sheraton Hotel in Chicago

 

This hotel had been around about 2 months ago or so.
The buyer is falling out and the seller is looking for a new qualified buyer.
 
 
Pls note attached.
Asking $50M +3
 
426 rooms
Replacement cost is $130M
Water park inside of the hotel - opened in late 2006 (development cost was $20M, NOI used to be $800,000)
 
Union contract expires Dec 2010
Currently the hotel is closed.
 
A private seller who bought it foreclosed.

 

 

45 page Executive summary and assets details can be email upon request to Serious Buyers only. If interested contact myself or my asset coordinator (Ken) at 312-502-7520.