Frontier Development & Hospitality Group LLC, together with its partners Sun Development & Management Corporation and 3H Group Inc., have purchased the 7-story, 254-key Chicago Marriott Suites Downers Grove hotel at 1500 Opus Place in Downers Grove, Illinois.
Downers Grove is a well-known suburb that attracts a large amount of global, national, and regional business demand from corporations such as MetLife, Microsoft, and Nuveen. The 6.4-acre property is about 20 miles west of Chicago and 11 miles from O’Hare International Airport.
The Chicago Marriott Suites Downers Grove hotel has 254 all-suite guestrooms with spacious, separate living areas and amenities such as 3,400 square feet of meeting space, an indoor and outdoor pool, a cutting-edge fitness center, in-room dining, a three-meal restaurant and bar, and on-site parking. The property will undergo a $10 million capital renovation plan to enhance, renovate, and position it for future prosperity.
“This hotel purchase presented a unique opportunity to acquire an institutional asset from a REIT on a great basis, during a down market, with strong upside potential,” said Evens Charles, Chief Executive Officer of Frontier Development & Hospitality Group LLC. “Collectively, this acquisition is consistent with our commitment to drive value and expand in strategic submarkets and diversify our growing portfolio. We are excited to increase our footprint and overall presence in this Chicago submarket.”
“This property is a great opportunity for a joint venture,” said Hiren Desai, President, and CEO of 3H Group, a nationally recognized real estate development and management company. “Not only is it well positioned within the region, but it complements other joint venture properties we have in the Chicago area.”
“This is our first joint venture with Frontier, and we have found a partner who shares our views of the hospitality real estate market today,” said Bharat Patel, Chairman and CEO of Sun Development & Management Corp. “This acquisition of the Chicago Marriott is a strong foundation for us to continue our growth through further investments and acquisitions while being aligned with two companies that share similar objectives and outlook on the hospitality and real estate markets.”