The 466-key Rosemont hotel, located at 6810 N. Mannheim Rd., is owned by Seattle-based Kennedy Associates Real Estate Counsel LP. The hotel is situated adjacent to the Allstate Arena and just five minutes from the O'Hare International Airport. Within the facility are a Barley's Restaurant, Maxi's Sports Bar and Grill, 30,000 square feet of meeting space and a health club. Roughly 150 people are employed at the hotel.
This second hotel closing at the end of the week does not bode well for the suburban submarket. As reported by GlobeSt.com, the Sheraton will close its doors before the end of the year. It sits on 20 acres next to the Arlington Park Racecourse and is 11 miles from O'Hare International Airport. The adjoining 65,000-square-foot CoCo Key water park was built three years ago for $25 million.
Additional hotel closures and company bankruptcy filings are expected in 2010. As reported by GlobeSt.com, more than 5% of national hotels are now in default, a number that is likely to grow to 20% by the end of 2010. Some local companies are revamping their business strategy to handle the distress. For example, Rosemont, IL-based First Hospitality Group Inc. has decided to grow its third-party management services to aid distressed hotel assets.
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