Among
the noteworthy deals of the past week was Accelerated Assets’ acquisition of the
Virgin Hotels Chicago for approximately $77.4 million.
CHICAGO — An
affiliate of Michigan-based Accelerated Assets, a firm that converts properties
into timeshare resorts, has acquired the 250-key Virgin Hotels Chicago for
approximately $77.4 million from a joint venture of Virgin Hotels and Miami-based
Lionstone Development.
The JV had
acquired the building in 2011 for approximately $14.8 million and secured a $50
million construction loan.
The
property, which was the brand’s first
location, originally opened in January 2015 after a $117 million renovation that preserved
much of its historic 1928 features. The deal closed on June 30 and Virgin will
continue to manage the hotel.
Given
Accelerated Assets’ history, there is speculation that the property may shift
to a timeshare model in the future.
To download
our list of deals from the past week in Excel format, click here.