Property Renovation Planned
April 28, 2015 PHILADELPHIA – 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.”
