Savills Studley Arranges Sale of Renaissance Chicago-North Shore Hotel
The firm's Hospitality group finalizes a deal for the 385-room property near Chicago's North Shore
TYSONS, VA. June 1, 2017 - Savills Studley, the leading commercial real estate firm specializing in tenant representation, announced today that it has successfully arranged the sale of the 385-room Renaissance Chicago-North Shore Hotel. The transaction closed on May 23, 2017.
The seller, HI TRS, LLC, a Delaware limited liability company, is an affiliate of USAA Real Estate Company. Owner Advisory Group represented USAA as its asset manager. The buyer was Northbrook ND Investments, LLC, a Delaware limited liability company and an affiliate of Minnesota-based Nath Companies, Inc.
“Both parties have achieved their respective objectives in this transaction,” said Tom Baker, Corporate Managing Director with Savills Studley. “The seller disposed of a non-core asset and the buyer made an acquisition establishing a relationship with the Renaissance brand and Marriott International, a strategic goal of the buyer.”
The property is ideally located in Chicago's Northbrook suburb at 933 Skokie Boulevard and minutes from a variety of Fortune 500 companies, Northwestern University, dining, shopping and local attractions. The winner of the AAA 4-Diamond award, the Renaissance Chicago-North Hotel boasts premium amenities, on-site restaurants, more than 19,000 square feet of event space and complimentary on-site parking.
The terms of the sale were not disclosed.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm's comprehensive platform includes brokerage, project management, capital markets, consulting and corporate services. With 30 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service. The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 32,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L). For more information, please visit www.savills-studley.com and follow us on LinkedIn and Twitter @SavillsStudley.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $15 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies. RealCo is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com
About Owner Advisory Group
Owner Advisory Group (OAG) is a hotel asset management and owner advisory company serving hotel owners with a wide spectrum of hotel product types and classes: full-service and select-service, branded and non-branded, value-oriented, conference centers, and luxury resorts. OAG is a subsidiary of BENCHMARK®, a global hospitality company. For more information on OAG, visit www.owneradvisorygroup.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
