Blackstone Group is reportedly selling the 184-room Marriott Chicago Southwest in Burr Ridge, Ill., to an investment firm based in Louisville, Ky., about two years after it acquired the distressed asset. The purchase price was not disclosed, but Crain's Chicago Business reports it could be more than $25 million.
The Burr Ridge property was one of 13 hotels Blackstone took over as part of a 2012 agreement with its former owner, Eagle Hospitality Properties Trust, which had defaulted on debt that Blackstone owned, Crain's reports.
The hotel has been performing well, reportedly—RevPAR rose to $116.67 in the 12 months through June 30, up from $115.40 in the year earlier period and $107.78 two years earlier, according to a recent report by Morningstar.
Net operating income rose to $2.7 million in 2013, up 2.9 percent from 2012, according to the report. The property, 1200 Burr Ridge Parkway, was appraised at $30.7 million last year.
