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Another O'Hare Hotel In Trouble
Filed under: Luxury Travel & Hotels
It seem to be tough going for hotels around Chicago O'Hare airport. Last August we reported on the troubles that have befallen the InterContinental Chicago O'Hare and the Westin O'Hare and now another hotel, the Four Points by Sheraton Chicago O'Hare Airport joins them in financial woes. Chicago Business reports that the Investcorp International , the owner of the 295-room hotel missed the $110,813 December payment on a $22.5-million loan. Investcorp paid $27.4 million for the hotel in 2006 then put another $6 million into the property. It's questionable if the hotel is even worth the loan amount at this point given the changes in real estate in the last couple of years. Another hotel in the area, the 467-room Wyndham O'Hare closed at the end of last year. The O'Hare market has been hit especially hard. The Chicago Business article references a survey from Smith Travel Research that has revenue per available room at airport hotels falling by more than 30 percent in the bulk of 2009.
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