LOS ANGELES – Thorofare Capital has announced that it has recently funded an $11.5 acquisition loan for a newly re-branded Sheraton Hotel in Lisle/Naperville, a Chicago suburb.
A venture led by Ketu Amin, founder of VinaKom Communications in Schaumburg, purchased the 242-room Wyndham Lisle Hotel for $14.25 million with plans of a multi-million dollar renovation of the common areas and room interiors. The seller was an affiliate of New York City-based Glenmont Capital Management. Amin was proactive in his acquisition approach by arranging a new affiliation with Starwood Hotels & Resorts Worldwide, Inc. and re-branding the hotel as a Sheraton while in escrow. After its imminent facelift and interior upgrades, the property will be the only full service Starwood asset in the area, allowing it to benefit from the large number of business travelers visiting the immediate trade area dominated by corporate office parks.
Thorofare CEO Kevin Miller comments, “we were impressed with the performance of the hotel through the downturn and more importantly the steady occupancy and room rates that are increasing year over year. The area is surrounded by large employers and this is a good local operator who can capitalize on a new 20-year franchise agreement with Starwood.”
This marks Amin’s fourth hotel acquisition in the recent years as he expands his hotel portfolio. Other notable properties in Amin’s hotel portfolio include the 112-room Hampton Inn Chicago/Westchester and the 139-room Hampton Inn & Suites Chicago/Hoffman Estates.
Thorofare SVP Felix Gutnikov, who originated the transaction, adds “our team mobilized to Chicago quickly and were able to close the transaction in just one week, which was the required time frame after a local bank backed out of the deal at the last minute. All parties were anxious to close on a deal that had been worked on for months.”
The eight-story property, built in 1987, includes three restaurants and extensive conference facilities adding 25,000 square feet of flexible meeting & ballroom space, a pool and fitness facilities. The property is surrounded by numerous large national & international businesses and is directly across the street from the corporate headquarters of Navistar, a truck and engine components manufacturer located on an 80+/- acre headquarters which houses almost 3,000 employees. The hotel is located in the highly-visible and easily-accessible Village of Lisle, along the Interstate 88 East-West Tollway. The Lisle/Naperville area possesses a diversified economy that boasts technology companies, financial institutions, oil & gas companies and the headquarters of many consumer products and agricultural companies.
About Thorofare Capital: Thorofare Capital, Inc. (“Thorofare”) is a direct portfolio lender specializing in short term commercial real estate loans. Thorofare is currently deploying capital from its second discretionary real estate debt fund, targeting investments between $2 million to $25 million in primary and secondary US markets. The firm will also consider select transactions with strong components in tertiary markets. Thorofare is based in Downtown Los Angeles.
For more information, please contact:
Felix M. Gutnikov | [email protected] | (213) 873-4007