Baltimore, MD – A joint venture formed by Alex. Brown Realty (ABR) and Atira Hotels has acquired a land parcel in Chicago, Illinois, adjacent to Loyola University’s main Lake Shore Campus. The joint venture plans to develop a Hampton Inn on the site. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $8.6 million in the venture. Financing for the project will be provided via a construction loan through Compass Bank.
The site is located at Albion Avenue and Sheridan Road, adjacent to Loyola’s Lake Shore Campus in the Rodgers Park neighborhood on Chicago’s North Side. It is minutes from downtown Chicago and just one-half block from the Loyola stop along the Red Line of the CTA “L” train that connects to the heart of downtown.
Once constructed, the vertically-subdivided building will feature a 145-room Hampton Inn hotel on floors two through six and 9,990 square feet of ground floor retail space fronting Sheridan Avenue. The retail space will be owned by Loyola, and the Hampton Inn and ground floor common areas will be owned by the joint venture. Atira Hospitality will provide hotel management services for the Hampton Inn.
“Hotel options within the immediate market are very limited and we have worked closely with Loyola to identify a hotel product that will help meet their needs and also that of the neighborhood,” said Tom Burton, ABR’s CIO. “Also, Atira’s team offers not only experience and talent, but as a Chicago-based firm, they have a comprehensive understanding of the area,” added Burton. The acquisition represents the first transaction between ABR and Atira.
Alex. Brown Realty (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Atira Hotels is a Chicago-based hotel management, investment and development company. Its principals have been involved in the development and operation of hotels from over 20 franchise brands in ten states across the United States and are currently managing and asset managing hotel properties across the United States and Canada. www.atirahotels.com