Minnesota-based MoveMent Hospitality and Endeavor Hotels Inc. of Oakbrook Terrace, IL, have purchased a portfolio of four institutionally branded assets in Chicago and Minneapolis for an undisclosed amount from Summit Hotel Properties.
Spencer Davidson, SVP, Hunter Hotel Advisors, facilitated the transaction on behalf of the seller. Together, the four-property portfolio features 467 keys in Chicago and Minneapolis.
The Hilton Garden Inn Eden Prairie and the Holiday Inn Express & Suites Minneapolis Minnetonka are located in Southwest Minneapolis. The properties are near numerous business headquarters, including SAP, Origin Enterprises, Unilever, Sanofi, Pfizer, GSK, Fidelity Investments and Uniphar. The hotels are also within 15 miles of Bryant Lake Regional Park, Braemar Golf Course, Valley Fair, Canterbury Park, Eden Prairie Mall, Paisley Park and the Saint Paul International Airport.
The Hyatt Place Chicago Lombard Oak Brook is 20 miles west of Downtown Chicago and 16 miles from O’Hare International Airport. Several demand generators drive guests to the hotel, including Yorktown Shopping Center, Oakbrook Center Promenade and Drury Lane Theater.
The Hyatt Place Chicago Hoffman Estates is in the affluent Chicago suburb of Hoffman Estates. This densely developed area is near the Northwest Corporate Center and the Greenspoint Office Park. Both hotels benefit from the heavy traffic and economic impact of Chicago’s major professional sports teams.