Ten-X Auction: May 3, 2021 - May 5, 2021 - Starting Bid: $2,700,000
Prime Location: Located off of Interstate 90, the property is highly visible from the expressway and is one of the few upper midscale hotels positioned near the AMITA Health St. Alexius Medical Center.
Significant Discount to Replacement Cost: With construction costs of a new 137-room Hampton Inn & Suites well-exceeding $100,000 per key, the property is being offered at a significant discount to replacement cost, including the PIP that was completed in the past 12 months.
Turn-Key Property with Real Rate Growth Opportunity: Between 2017 and 2019, the subject property achieved an average room revenue of over $2.87M and consistently outperformed the Market RevPAR. In 2019-2020, the comprehensive ‘Forever Young Initiative’ Property Improvement Plan (‘PIP’) was completed as mandated by Hilton, providing a new 15-year relicense on the property until 2034. Property renovations will boost overall Hotel performance and should assist new ownership significantly in garnering real rate growth into the future.
Prominent Market: Located within the Chicago Metropolitan Statistical Area (MSA), Hoffman Estates is a growing market 30 minutes northwest of downtown Chicago.
Diverse Demand Generators: Home to the largest shopping mall in the state, the Woodfield Mall attracts over 27 million annual visitors making it a prime demand driver for the hotel and surrounding area. Additionally, AMITA Health St. Alexius Medical Center, O’Hare International Airport, and NOW Arena (formerly the Sears Centre Arena) are all located near the property and provide additional transient and leisure business for the hotel.
Clean Offering: The property is offered fee-simple and clear of existing management and financing contracts.
The Hampton Inn & Suites Chicago/Hoffman Estates is a 137-room, interior corridor hotel located along Greenspoint Parkway near Interstate 90. Built in 1997, this limited-service upper-midscale hotel comes furnished with numerous common area and guest room amenities. Spacious guest rooms are equipped with a microwave, refrigerator, work desk, sofa bed, and flat-screen television. Additional amenities that hotel offers include an indoor pool, fitness center, business center, dry cleaning services, and rentable conference space.
- Third-Largest MSA in the United States: The 2018 population in the Chicago MSA reached 9.54 million making it the third-largest MSA.
- NOW Arena: Positioned four miles from the hotel, the NOW Arena is a nearly 12,000-seat multi-purpose facility and attracts over 750,000 visitors each year. The arena hosts events that range from sports and plays to high school graduations.
- AMITA Health St. Alexius Medical Center: Positioned along Barrington Road and two miles south of the Hampton Inn, the St. Alexius Medical Center provides over 300-licensed beds, a state-of-the-art facility, and an intensive care unit. The medical center has also received a five-star rating from the Centers for Medicare & Medicaid Services (CMS).
- Fortune 500: The Chicago MSA has over 35 Fortune 500 companies including Walgreens Boot Alliance, Boeing, State Farm Insurance, Archer Daniels Midland, and Caterpillar.