Although HREC Investment Advisors says the hotel can be had below replacement cost, an asking price is not disclosed. However, the current owners acquired the hotel at 6810 N. Mannheim Rd. in 1998 for $29 million, property records indicate. Its most recent equalized assessed value is $33.8 million, according to the Cook County Assessor's office.

Records also show the property on 8.3 acres just north of the Northwest Tollway was most recently refinanced in 2001 for $33 million. That replaced a $38.7-million mortgage written by Credit Suisse First Boston when the property was purchased in 1998.

Completed in 1972 with a 198-room tower, the hotel's neighbor to the north is the Allstate Arena, a minor-league hockey, college basketball and concert venue.

While occupancy around the airport has improved during 2003 to 66.4%, RevPAR remained flat at $51.26, according to HREC Investment Advisors' study of eight properties it considers to be competitive with Radisson Hotel O'Hare. Average daily revenue at Radisson Hotel O'Hare was $70.55, according to the brokers, about 17% below its competitors. They suggest new owners could raise rates.

The city of Chicago is beginning a $6-billion expansion of O'Hare International Airport that involves reconfiguring runways and buying property in the neighboring suburbs of Bensenville and Elk Grove Village.