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SCHAUMBURG, IL- A partnership between Oxford Capital Group LLC, based here, Park Ridge-based Bricton Group and Gettys Interior Design, based here, has sold the Hawthorn Suites Schaumburg, 1251 E. American Ln. JHM Hotels Inc., based in Greenville, SC, acquired the 135-room hotel from HCP Oxford OBG Wacker Property Co. LLC for $16 million, or a price per key of $110,500, says Brad Mulvihill, VP of acquisitions and asset management for Oxford Capital.

The partnership constructed the hotel, which opened in 2000, says John Rutledge, CEO of Oxford Capital. The hotel is undergoing a conversion into a Hyatt Summerfield Suites. “We had signed a franchise agreement with Hyatt Summerfield Suites and were 90% complete with the conversion of the hotel from a Hawthorne Suites when we received an attractive unsolicited offer to sell the property,” Mulvihill says.

JHM Hotels reportedly received a $12.5-million loan from Wells Fargo Bank NA to finance the acquisition. The name change for the hotel is expected to occur in the next 60 days, Rutledge says.

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