The Drake Hotel - Chicago, IL
US - Chicago, IL
535 units
Asset Description
By means of a court ordered receivership, Jones Lang LaSalle Americas, Inc (“JLL”) is pleased to offer for sale the fee-simple interest in the non-union, 325-room Trumbull Marriott Shelton (the “Hotel”, “Property”, “Trumbull Marriott”, or “Asset”). Located approximately equidistant to New York City and Springfield, MA at the intersection of Connecticut Routes 8 and 15 (Merritt Pkwy), the Property serves an array of corporate, university, and transient demand needs.
Currently encumbered by Marriott brand and management, the Property is expected to remain within the Marriott collection of brands. Extensive escrows in excess of $7MM will be sold in conjunction with the Property to address comprehensive PIP-required upgrades.
Broker of Record | Edward Tonnessen | License # REB.0683830
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Attributes
Loan Status
Receivership Sale
Listing Type
Hotels & Hospitality
Media
Investment Highlights
ADR over the trailing twelve months through August 2022 is already above 2018-2019 levels and approaching pre-Covid peaks. As the Property has not seen major upgrades since 2012, completing necessary renovations would offer new ownership significant upside to recapture market share and reinvigorate food & beverage and event space demand of a re-positioned Property.
Contact brokers
Trumbull Marriott Shelton (0 Properties)
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Last updated
2 Dec 2022
