A Hilton lodge close to O’Hare Worldwide Airport offered for 50 % of its earlier valuation this week, marking a large loss for its worldwide proprietor.
The lodge traded fingers on December 21 for $18 million, based on Cook dinner County property data. An LLC affiliated with Ketu Amin, the president of Schaumburg-based know-how agency Vinakom bought the property from Hong Kong-based Junson Capital.
Neither purchaser nor vendor responded to a request for remark.
Junson Capital bought the 300-room lodge in 2018 as a part of a seven-hotel deal value $650 million,. The Hilton Rosemont was valued at $36.9 million inside that deal.
Now simply 5 years later it’s value half that.
Junson isn’t the primary abroad investor to wrestle to recoup its funding in Chicago accommodations. In October, a enterprise of Hong Kong-based Gaw Capital Companions, on the market with out an asking worth.
Gaw will seemingly take a loss on the 17-story property it purchased for $61.5 million in July 2016. It’s unlikely to fetch bids above the $38.5 million mortgage Gaw borrowed towards it in 2019. Itemizing data suggests Gaw invested about $11 million into renovating the property.
The historic lodge was rebranded because the Ambassador Chicago as a nod to its historical past as the previous Ambassador East lodge, which opened in 1926. In its heyday the property attracted celebrities to its Pump Room restaurant and had the likes of Frank Sinatra and Marilyn Monroe staying in its suites.