The property, located at 2175 E. Touhy Ave. at the intersection of River Road, also includes a Comfort Inn franchise and leasehold of a freestanding Tiffany's restaurant. However, the franchise runs out in March 2003, allowing the new buyer the option of continuing to operate the property under the Comfort Inn flag or switching, says Sheldon Good & Co. senior vice president Douglas Johnson.
"Historically the hotel has been more than 80% occupied on an annual basis, and we expect that trend to return as the economy continues to improve," says managing partner Carl Swanson of CP Partners, LLC, the hotel's owner. "We're seeing the continuing trend of business travelers returning to the area, including higher attendance for conventions."
The minimum bid is based on the outstanding balance of the industrial revenue bond debt on the property, according to the real estate auction brokers.
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