Prudential to Take Huge Loss in Sale of Schaumburg Hyatt

TWL_2015_apr_blog19Prudential Real Estate Investors stands to lose tens of millions of dollars in a reported deal to unload the Hyatt Regency Schaumburg. According to Crain’s Chicago Business, Chicago-based real estate firm First Equity Group will purchase the hotel for a price in the mid-$20 million range. Prudential paid $49 million for the hotel in a 2007 joint venture deal and later renovated the property for another $32 million. The deal shows that while the overall hotel real estate market has improved, there are still hotels struggling to be profitable since the market crashed in 2008.

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