Among
the noteworthy deals of the past week was NewcrestImage's sale of the Courtyard by Marriott Chicago O'Hare to Parag Patel and Kevin
Patel.
DES PLAINES, Illinois — Parag Patel and Kevin
Patel have acquired
the 200-key Courtyard by Marriott Chicago O’Hare in Des Plaines, Illinois, from Dallas-based NewcrestImage for $21 million ($105,000 per key).
Midland States Bank is reported to have
provided financing for the deal. NewcrestImage reportedly bought the hotel for
$18 million, or $90,000 per room, just a year ago.
The new owners are expected to put about $5 million into upgrades for the property.
To download
our list of deals from the past week in Excel format, click here.