GF Management Affiliate Acquires the 408-room Westin Chicago Northwest in a $27M Deal
PHILADELPHIA, PA. - April 29, 2015. GF Management, a leading national hotel ownership and management company, through its affiliate, has acquired the 408-room Westin Chicago Northwest located in Chicago's suburb of Itasca, IL, marking the Company's first foray into the Chicago market. The AAA four-diamond hotel features more than 47,000 square feet of meeting space, including a 9,600 square-foot grand ballroom. GF Management is poised to invest in a property renovation designed to reposition the Westin as the premier hotel in the western Chicago suburbs.
Managing Director Adam McGaughy and Senior Vice President John Nugent led the brokerage team from JLL's Hotels & Hospitality division on the transaction, while GF Management's Senior Vice President Jeff Kolessar led acquisition efforts.
"The hotel's best-in-class Westin brand, management availability and robust meeting space offerings drove considerable interest in the hotel," said McGaughy. "Suburban Chicago continues to see a significant amount of corporate expansion and commercial development, which will drive demand and boost performance over the next few years."
The acquisition of the Westin Chicago Northwest is the fifth acquisition in the last two years for GF Management, and the third Starwood branded hotel owned by the Company. GF is continually identifying assets of value to expand the Company's owned portfolio.
Jeffrey Kolessar, Senior Vice President Development and Acquisitions for GF Management, stated: "The Westin Chicago Northwest addition to our portfolio represents our overall acquisition strategy, focusing on high quality, opportunistic assets, backed by a strong brand relationship. The planned renovation along with the implementation of our solid management systems will provide for superior results for this hotel."
About GF Management
GF Management is an award-winning, full-service hospitality ownership and management company with approximately 100 hospitality assets under management. The Company is currently seeking to expand its portfolio of full-service ownership and management assignments through long-term contracts and joint-venture investment opportunities. www.GFHotels.com.
About JLL
JLL is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. JLL has more than 230 corporate offices globally with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion. www.jll.com.
Media Contact:
Ashleigh Mason
GF Management
[email protected]
215-972-2257
Megan Dolan
JLL
[email protected]
312-228-3154
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