Marriott Chicago Naperville Hotel
Naperville, IL | 426 Rooms | Investment, Redevelopment
2012 NAIOP Innovative Deal of the Year Award
2012 Marriott Opening of the Year Award
The 426-room hotel, which featured a market-leading 26,000 SF of meeting space, was purchased out of foreclosure at an extremely low cost basis in December 2010. The opportunity came at a time when very few investors were buying troubled assets, particularly in the hospitality sector. The hotel is located at I-88 and Naperville Road, which is considered a “main on main” location in the prominent west suburb of Naperville, IL. Naperville is situated in the middle of the east-west office corridor - a 40+ million SF office market that is home to several corporate headquarters and regional offices.
The project benefited from $30 million of tax exempt bond financing via the Illinois Finance Authority’s Recovery Zone Facility Bond Program and a City of Naperville incentive package providing up to $10 million of hotel tax rebates. The hotel underwent a $30 million renovation and conversion to a full-service Marriott. The all-in basis was less than 50% of replacement cost. The Naperville Marriott re-opened in March 2012 and won the NAIOP Innovative Deal of the Year Award and was awarded the Marriott Opening of the Year.