Schaumburg Marriott sold for $35.5 million
Two investment companies partnered to buy a the Schaumburg Marriott hotel for $35.5 million and plan to renovate the property.
Chicago-based Arbor Lodging Partners and Middleton Partners of Northbrook said Thursday that they bought Chicago Marriott Schaumburg, at 50 N. Martingale Road, from a venture of Investcorp US Real Estate.
The 398-room hotel that is 13 stories marks Arbor Lodging's fifth Marriott purchase. It is the first in Illinois. The company said that it will "begin execution of a significant renovation." The deal closed Wednesday. The renovation will include updating all guest rooms and bathrooms, the lobby, dining rooms and meeting facilities. The property will continue to operate as a Marriott hotel.
"The decision to add the Chicago Marriott Schaumburg to our hotel collection stems much deeper than simply adding another 398 rooms to the portfolio," said Vamsi Bonthala, CEO of Arbor Lodging Partners. "This investment in our local community directly aligns with Arbor's disciplined investment strategy, growth plans and values. We've been looking for the right opportunity to make our entry into the competitive Chicago market for some time and when presented with a performing asset that has significant upside, we knew it was the right choice for Arbor."
Arbor Lodging's hotel investment and hotel management platform owns 17 hotels throughout the U.S. The portfolio consists of a range of hotels under brands such as Curio Collection by Hilton, Marriott Hotels & Resorts, Courtyard by Marriott and Hilton Garden Inn.