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Marriott Courtyard hotel near O'Hare International Airport has changed hands in a positive sign for Chicago's hospitality sector. Parag Patel and Kevin Patel acquired the 200-room property at 2950 South River Road in Des Plaines for $21 million, or $105,000 per key. The sale was facilitated by a loan from Midland States Bank and closed on September 10.

    Tourism is slowly recovering in Chicago, but hotel revenues have yet to reach pre-pandemic levels. According to CoStar, revenue per available room averaged $148 last year, which is lower than in 2019 when adjusted for inflation.

    The sale marks a successful exit for Dallas-based seller NewcrestImage, which purchased the property for $18 million ($90,000 per key) just last year. The hotel's proximity to O'Hare and the Rivers Casino Des Plaines makes it an attractive investment opportunity, according to Parag Patel. He plans to invest $5 million in a renovation of the hotel, starting in December.

    The same buyers also purchased a 155-key Aloft Hotel in Bolingbrook last year for $17 million ($109,700 per key) through a foreclosure sale. The property's previous owner had defaulted on a $26 million loan due to pandemic-related revenue shortfalls.