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PETE EVANS
Broker of Record IL License #481012004
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Berkadia Hotels & Hospitality (“Berkadia”) is pleased to offer, on an exclusive basis, the opportunity to acquire fee simple interest in the 136-room Former Holiday Inn Mount Prospect, IL (the “Property” or “Hotel”). The Property presents a unique investment opportunity where a buyer can renovate and reposition the Hotel by converting it to Spark by Hilton (please see PIP in data room). Alternatively, a buyer could decide to convert the Property to 55+ multifamily.
The Former Holiday Inn Mount Prospect is a 3-story interior corridor property sitting on 2.9 acres. The Hotel features a fitness center, indoor pool/spa, meeting space, business center, and guest laundry. Furthermore, the Hotel offers restaurant space that was previously leased to a 3rd party for $240,000 a year.
Mount Prospect continues to concentrate its efforts in housing diversification, public and social improvements, maintenance and infrastructure upgrades and effective business development and strategies. Continuing to improve the quality of life for residents and business owners determines what sets Mount Prospect apart and captures the attention of the national media. Its proximity to the city of Chicago, O’Hare International Airport, and regional transportation networks ensure its continued economic growth.
As of March 2025, The Chicago Bears will send a traffic and economic impact study for its potential Arlington Heights stadium site to the village board within the coming weeks, suggesting a suburban stadium is still in play. The proposed $4.7 billion investment would only be 4.5 miles from the Subject Property and would have a HUGE impact to the surrounding area.
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THE OFFERING
84-Room Fully Renovated Market Leading Premium Branded Hotel with over 6,000 SF of Leasable Restaurant Space
200 East Rand Road, Mount Prospect, IL 60056
Address:
136
Rooms:
1971
Year Built:
1
Number of Buildings:
3
Number of Stories
2.946 Acres
Land Area:
Fitness Center, Indoor Pool/Spa, Meeting Space, Restaurant
Features:
137 Surface Spaces
Parking:
79,828 SF
Gross Building Area:
property SUMMARY
LOCATION
The Property
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ROBUST GROWTH DRIVEN BY THE $13.9 BILLION DOLLAR TOYOTA BATTERY MANUFACTURING PLANT The hotel benefits from its strategic location just 20 minutes from the upcoming Toyota battery manufacturing plant in Liberty, North Carolina. With a massive investment of $13.9 billion, the plant will feature 14 production lines dedicated to hybrid and electric vehicle batteries, aligning with Toyota's global electrification goals.
Economically, the plant is set to employ approximately 5,100 individuals, providing a significant boost to the local economy. This influx of jobs and investment is expected to drive economic growth in the area, increasing demand for local accommodations and services. As of early January 2025, 1,400 employees are already on-site.
This development highlights Toyota's commitment to sustainable mobility and community support, positioning the hotel to capitalize on increased business travel and tourism driven by the plant's presence.
Unencumbered of Management: The Hotel is being sold without a management company in place providing a new owner operational control and the flexibility to use a management company of preference.
No Competitive New Supply Under Construction: With no new competitive hotels currently under construction or in final planning stage in the submarket there is low risk of supply saturation in the medium to long term.
Operational Efficiencies: By implementing efficient operational practices, such as streamlining processes, optimizing staffing levels, and leveraging technology, the hotel can reduce costs and improve profitability.
Lender Owned Value-Add Opportunity: Following the completion of a major renovation, a buyer will have the opportunity to reposition the asset and push rate past historical average. The Hotel is projected to yield a Year 3 RevPAR of $76 and $3.8 million in room revenues.
Possible 55+ Multifamily Conversion Opportunity: Overall, the Des Plaines/Arlington Heights Corridor's underlying apartment demand fundamentals are in balance like the rest of the Chicago Market, with a low vacancy rate and strong move-in figures, while posting an average asking monthly rent of $1,850 during Q1 2025. The office market and other demand drivers—like proximity to O'Hare, major highways and commuter lines, and a deep well of retail offerings—sufficiently attract renters in droves to register a 3.8% vacancy rate.
Booming Greater Chicago Market: Chicago is one of the leading tourism hotspots in the United States. The Chicago hotel market is thriving, supported by the city's rich variety of attractions and robust business environment. Vibrant fundamentals marked the Chicago hotel market in 2024. Operators recorded an 8.2% increase in RevPAR, outpacing 2019 performance. Key employment sectors such as finance, technology, and healthcare contribute significantly to the influx of business travelers.
Within 9 miles of Chicago O’Hare International Airport (ORD): ORD was the 10th busiest airport in the world in 2024, serving nearly 47 million passengers, an 8% increase compared to 2023. The entire O'Hare International Airport complex resides on over 7,200 acres and has 201 gates. American and United Airlines are the two hub carriers, leasing majority of the gates.
Offered Unencumbered of Franchise and Management: A new owner will be able to select a flag and management company of their choice.
Potential Restaurant Lease Income: The restaurant was previously leased to a third party. The nearby mall and other high caliber retail nearby will help attract a new, strong tenant.
Investment Highlights
$13.9 BILLION INVESTMENT
5,100 NEW JOBS
20 MINUTES FROM ASHEBORO
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Year Renovated:
2011
LENDER OWNED: FORMER HOLIDAY INN MT PROSPECT SPARK BY HILTON CONVERSION OPPORTUNITY
Ralph DePasquale
Managing Director 847.778.2187
ralph.depasquale@berkadia.com
IL License#481012004