SpringHill Suites Hotel in Lincolnshire Sells for $12M

By GlobeSt News Hub

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LINCOLNSHIRE, IL-A venture headed by Bay Harbor Islands, Florida-based Robert Finvarb Cos. has purchased SpringHill Suites, a 161-room hotel at 300 Marriott Drive in north suburban Lincolnshire, for 11.6 million. A venture of LNR Partners, a loan servicer based in Miami Beach, Florida, has sold the property for about $72,000 per room.

LNR, through a deed-in-lieu of foreclosure, took the property from New York-based Och-Ziff Capital Management Group LLC in February. Och-Ziff purchased the hotel in 2006 for $16 million. For the full story, go to Crain's Chicago Business .

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Categories: Midwest, Hotels, Acquisitions/Dispositions, Distressed Assets, Sales, Scope, Chicago