A Florida real estate investor has acquired a distressed Holiday Inn Express in River North at a significant discount. The property, located at 640 N. Wabash Avenue, was purchased for $16.4 million by Delray Beach-based investor Peter Patel through an auction held by LNR Partners.
The 174-room hotel was previously owned by an Oxford venture and operated as the Hotel Cass before being foreclosed on in 2022 due to defaulting on a loan taken out in 2013 for refinancing purposes. The sale price of $16.4 million is significantly lower than the property’s appraised value of $36.3 million at the time of its purchase.
Despite facing challenges during the pandemic, with reopening taking place in 2023, this acquisition presents a promising opportunity for Patel and his team to revitalize this prime location within River North’s hospitality market.
