Walton Street bought its stake in the boutique 184-room hotel in September 2013 in a transaction that valued the property at $45 million, reports Crain's Chicago.
“We love it, but we executed our business plan and cash flow has gone up significantly,” said Walton Street Principal Stephen Sotoloff.
As Crain's futher reports, citing Sotoloff, "Walton Street, headed by billionaire investor Neil Bluhm, and its partner, Chicago-based AJ Capital Partners, boosted the hotel's revenue by adding a retractable roof to its rooftop bar, the J. Parker, allowing it to be open year-round. More broadly, Chicago hotel values have increased the past two years as occupancies and room rates have blown past pre-recession levels."
The Hotel Lincoln is a former Days Inn that opened in 2012. Crain's writes, citing sources, that the hotel could fetch more than $70 million. The Walton Street JV already pulled some money out of the hotel in February, when it boosted the property's loan from $32 million to $45.5 million.