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Let's Play Monopoly! You Buy The Westin Hotel O'Hare

westin ohare

For those individuals who do not regularly play Monopoly or have not played in quite some time, possibly now is the time to get back into the game playing mode. Instead of buying Park Place or Boardwalk, you might have considered buying Westin O'Hare.  Per Cherry Picker Investments, the hotel was previously acquired in 2007 for approximately $125,000,000, of which $101,000,000 was the amount of the mortgage, and went to auction this week.

Granted, the types of competitors for an asset of that size are quite different than the competitors for a residential or small commercial property.  Nonethless, distressed real estate assets bring out interested parties and this one was no different.

Ultimately, the distressed asset sold for $53,000,000 to an industry player, Chartres Lodging.

 

 

Michael Hobbs August 5, 2011

 

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