La Jolla, CA – Interwest Capital Group, through its affiliates, are pleased to announce the acquisition of the Claridge Hotel in Chicago, IL. Interwest is excited to have engaged Hersha Hospitality Management, a leader in the hospitality sector, as manager for the hotel.
Originally constructed in 1923 as the historic Claridge Hotel, the property was repositioned to InterContinental Hotel Group’s Claridge Hotel in May 2005. Featuring 165 guest rooms, the 12-story Claridge Hotel is ideally situated in the heart of Chicago’s affluent Gold Coast neighborhood; steps from downtown Chicago’s renowned Magnificent Mile and less than two blocks from the nightlife and entertainment intersection of Rush and Division Streets.
“We are excited about our first acquisition within the greater Chicago area, and more specifically the tightly held Gold Coast market. Interwest as a company has long targeted this submarket of Chicago and this hotel represents a unique opportunity for Interwest to make a long-term investment in a capital-starved asset, that we feel will only improve through the insertion of Hersha Hospitality Management and the upcoming hotel renovation in 2017” said Chris Meredith, Director of Acquisitions for Interwest Capital Group. “The hotel’s strategic location in the heart of the Gold Coast, the upcoming exciting and modern guestroom and public area renovation and easy access to the best of all that Chicago offers, will make this property the most attractive option in the area for corporate accommodations and leisure travelers alike,” he added.
The 165-room Hotel offers well-appointed guest rooms, meeting facilities, a fitness studio, a business center, and a casual chic eatery. An approximate $6m property-wide renovation will be implemented in 2017 with a focus on providing an elegant, unpretentious well-appointed guestroom and public area experience. View property details here.
About Interwest Capital Group
Interwest Capital is a private equity firm specializing in the acquisition, operation, and repositioning of the commercial real estate with an emphasis on multifamily and hospitality assets. With a national portfolio of approximately 2.8 million square feet, Interwest has become an industry leader through extensive experience restructuring significantly underperforming assets and has a strong track record of successfully repositioning historic properties. Interwest now owns six hotels with more than 1,000 hotel rooms across the United States.
For more information about Interwest Capital, please call Chris Meredith at 858-622-4900 or visit www.interwestcapital.com.