640 N Wabash Ave | Chicago, IL 60611
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- LoopNet Team
640 N Wabash Ave
Chicago, IL 60611
Lender Owned Hotel Cass Chicago · Hospitality Property For Sale
·
55,538 SF
INVESTMENT HIGHLIGHTS
- Fee-simple interest in the institutionally managed and lender owned 174-key Holiday Inn Express Chicago – Magnificent Mile.
- Value add opportunity after the hotel re-opened May 2023 following COVID-induced shutdown and foreclosure.
- Significant operational upside exiting lender control and more hands-on stabilization of operations.
- Available in the March 20th auction event via Ten-X.
- Significant recent capital upgrades and improvements to the property.
- Ability to retain the Holiday Inn Express brand with a new long-term license agreement with IHG.
PROPERTY FACTS
| Sale Condition | Auction Sale | Building Size | 55,538 SF |
| Type of Ownership | Fee Simple | No. Stories | 16 |
| Property Type | Hospitality | Year Built/Renovated | 1927/2019 |
| Property Subtype | Hotel | Tenancy | Single |
| Building Class | B | Corridor | Interior |
| Lot Size | 0.11 AC | Parcel Number | 17-10-111-007-0000 |
| Zoning | DX-12 - Downtown Mixed-Use District | ||
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 55,538 SF |
| No. Stories | 16 |
| Year Built/Renovated | 1927/2019 |
| Tenancy | Single |
| Corridor | Interior |
| Zoning | DX-12 - Downtown Mixed-Use District |
| Parcel Number | 17-10-111-007-0000 |
AMENITIES
- Business Center
- Fitness Center
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
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