CHICAGO-Texas-based C-III Asset Management LLC, a loan servicer, has agreed to sell an Embassy Suites in Deerfield for approximately $18 million. A joint venture of Los Angeles-based Oaktree Capital Management LP and Bannockburn-based Montclair Hotel Investors Inc. will pay $76,000 per room for the 237-room hotel located at 1445 Lake Cook Road.
In February 2010, the hotel was valued at just $11 million. The special servicer seized the hotel from FelCor Lodging Trust Inc. in late December.For the full story, go to Crain's Chicago Business.
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