Deerfield's Hyatt Regency has new management and will spend $14m on a renovation.
According to Crain's Chicago Business, the hotel, located at 1750 Lake Cook Road next to the interchange of I-294 and I-94, cost $30m. Officials are investing nearly half of the purchase price in additional funds in order to be the choice hotel for the various Fortune 500 businesses in the area to fill its 301 rooms.
Aimbridge Hospitality, manager of the Hyatt Regency, along with Polaris Management, Green Door Capital, and Phoenix Development Partners out of Chicago worked together for the venture. The companies disclosed that CBRE Capital Markets aided in getting a loan totaling nearly $33m. Several lenders were excited about the project, demonstrating Phoenix's strong renovation plans and the hotel's location.
John Mangel, CEO of PDP, stated his glee in obtaining the hotel and the chance to group with Aimbridge and Hyatt. However, he would not detail the hotel's profits. He said the nightly rate is low for the possible clientele. The prices range between $98 and $160 for the next two months. The rooms will be the first part of the remodel before renovating the bar, restaurant, and lobby. Ares Management of Los Angeles owned the hotel before this purchase.
Nearby and visiting businesses can leave their Business Cards at the hotel to further networking opportunities.
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