CHICAGO—HREC Investment Advisors has just arranged the sale of the Holiday Inn Chicago Southwest Countryside Conference Center in Countryside, IL. The buyer, Schaumburg, IL-based Pearlshire Capital Group, specializes in distressed investments, and plans to pour about $8 million into the 174-room full-service hotel at 6201 Joliet Rd. According to Cook County property records, Pearlshire paid $4.55 million for the property.
“It’s an asset that needs capital,” Scott Kaniewski, senior vice president in HREC’s Chicago office, tells GlobeSt.com, and Pearlshire plans to give it a “soup-to-nuts” overhaul. However, “this is a recovering market and this was an opportunity to reposition a high-profile asset.” The hotel includes a William Tell Banquets space, a brand with a lot of cachet in the area, and remains a popular destination for wedding parties and similar celebrations.
“The quality of the hotel’s location attracted significant interest from regional and national groups,” adds Kaniewski. The hotel sits near the intersection of I-294 and I-55, about 17 miles from downtown Chicago. Furthermore, Midway International Airport is about 10 miles away.
“We are excited to get an opportunity to restore the long lasting heritage of Holiday Inn & William Tell Banquets,” says Rehan Zaid, a principal of Pearlshire. “After an extensive renovation, the upside potential is tremendous due to the subject property’s strategic location in the diverse submarket along the I-55 corridor. We also benefit from controlling the only full-service hotel in Countryside.”
In addition to Kaniewski, Scott Stephens, chief operating officer and senior principal in HREC’s Tampa office, exclusively represented the seller during the transaction.