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Hotel Indigo in Vernon Hills sold for $10.3 million
Hunter Hotel Advisors announced that it represented Florida Capital Real Estate Group in the $10.3 million sale of the luxury-boutique Hotel Indigo in Vernon Hills, suburban Chicago. The 6-story hotel was purchased by a private equity group who plans to keep the IHG brand.
Constructed in 1997, the seller who purchased the property as an Amerisuites hotel later converted the hotel to the Hotel Indigo brand. The hotel has won numerous awards with the brand since its re-opening as the Hotel Indigo Vernon Hills, IL.
“This hotel received significant interest from the first day it hit the market,” said Teague Hunter, president of Hunter Hotel Advisors who brokered the transaction. Buyers considered multiple re-branding options for the 127 all-suite hotel, however, the eventual purchaser intends to keep it under the Hotel Indigo brand. The performance of the hotel has gained significant momentum over the past twelve months, so the cost of re-branding did not make financial sense.
Hunter’s seven brokerage offices specialize in select and full-service hotels and currently represent more than 100 hospitality assets nationally. Hunter’s Capital Market group anticipates closing on more than $150 million in debt and equity financing by the end of the year.
Hunter, with seven strategically-located offices, is one of the nation's leading providers of brokerage and capital markets advisory services to the hotel industry. Specializing in full and select-service listings, Hunter's team of seasoned professionals and the industry's brightest stars have leveraged their combined expertise to successfully advise thousands of clients through all economic conditions.