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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNNENBLICK-GOLDMAN COMPANY ARRANGES SALE OF CHICAGO MARRIOTT IN OAK BROOK, ILLINOIS |
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Monday, July 26, 1999
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New York, NY
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Sonnenblick-Goldman Company, acting as the exclusive advisor to The Travelers Insurance Company, a member of Citygroup, has arranged the sale of the Chicago Marriott in Oak Brook, Illinois to Allegis Realty Investors, LLC.
Located in one of Chicago's most affluent suburbs, the 347-room Marriott Oak Brook is within 20 minutes of O'Hare Airport and is proximate to downtown Chicago, the Rosemont Convention Center, and over 24 million square feet of Class A office space. The property contains approximately 19,000 square feet of newly renovated meeting space, a business center, restaurant, lounge, fitness center, indoor pool, whirlpool, and sauna.
Since its completion in 1968, the hotel has undergone significant renovations, including the $1 million renovation of the Marriott's 11,000 square foot ballroom, which was completed in 1998. "The Marriott Oak Brook is the leading hotel in its market and will remain in that position for the foreseeable future as a result of the comprehensive renovation plan that is scheduled" commented Mark Gordon, Senior Vice President of Sonnenblick-Goldman Company. "The interest in the hotel from prospective buyers was very strong. However, Allegis presented the most favorable overall structure. Allegis understood the long term prospects for the Oak Brook market which enabled us to structure a transaction that was beneficial to both the buyer and the seller" he continued. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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