Less that 2 years ago, Walton Street Capital purchased the 184-room Hotel Lincoln, located at 1816 N. Lincoln Avenue up in Lincoln Park. Now, looking to capitalize on strong investor demand for hotels in Chicago, that same firm is putting Hotel Lincoln back on the market in hopes of making a pretty substantial profit.
After acquiring Hotel Lincoln back in 2013, Walton Street made some pretty significant improvements to the property, which included installing a retractable roof to its rooftop bar, the J. Parker, allowing it to be open all year long.
In addition, occupancy levels and room rates are significantly higher than pre-recession levels, further boosting hotel values throughout the city. According to reports and those familiar with the property, Hotel Lincoln, which began as a Days Inn that opened in 2012, could sell for upwards of $70 million, giving Walton Street Capital a pretty nice ROI.
So while our favorite north side hotel might eventually change hands, here’s to hoping that awesome rooftop bar remains the same, regardless of who takes control.