Westin Wheeling (Illinois) in foreclosure
Jun 22, 2010, 9:27 pm
#1
Original Poster
Join Date: May 2001
Posts: 4,771
Westin Wheeling (Illinois) in foreclosure
Apparently the writing has been on the wall for some time on this property. Full story:
http://www.dailyherald.com/story/?id=389485
http://www.dailyherald.com/story/?id=389485
Jun 23, 2010, 7:02 am
#2
Join Date: Dec 2006
Programs: Marriott Titanium & Lifetime Platinum, United Platinum, Delta Silver
Posts: 591
Interesting. This hotel was packed every week when I stayed there in 2008. I figured it was bad news when the restaurants on the property shut down.
Jun 23, 2010, 8:03 am
#3
Join Date: Aug 2001
Posts: 9,677
What a shame.. it's perfect for business travelers, although I never saw any while I was there. Mostly weddings / events and leisure travelers.
Jun 23, 2010, 8:43 am
#4
FlyerTalk Evangelist
Join Date: Apr 2008
Location: LGA/JFK/EWR
Programs: UA 1K1.75MM, Hyatt Globalist, abandoned Marriott LTT (RIP SPG), Hertz PC
Posts: 21,169
I've stayed there during the week multiple times on biz in the past few months - ALWAYS packed w/biz travelers. Nice property - restaurant closure not a big deal as there were a couple other nice ones right on site.
Jun 23, 2010, 8:53 am
#5
Join Date: Sep 2005
Location: Lafayette, CO, USA
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Posts: 9,096
Here's a more informative article, IMO.
"Hotel values have plunged, too, meaning the Westin’s lenders could face steep losses. The hotel at 601 N. Milwaukee Ave. was appraised at $110 million in May 2007 but just $51.2 million in March, according to a loan report by Bloomberg L.P."
"It’s a familiar story for a growing number of local hotels that loaded up on debt during the boom. New York-based research firm Real Capital Analytics Inc. estimates that $1.4 billion of Chicago hotels are in financial distress, up from $680 million a year ago."
I don't think that this is big news for this forum, though. We have plenty of other examples where hotels have financial distress and continue to operate without much impact to the customers.
"Hotel values have plunged, too, meaning the Westin’s lenders could face steep losses. The hotel at 601 N. Milwaukee Ave. was appraised at $110 million in May 2007 but just $51.2 million in March, according to a loan report by Bloomberg L.P."
"It’s a familiar story for a growing number of local hotels that loaded up on debt during the boom. New York-based research firm Real Capital Analytics Inc. estimates that $1.4 billion of Chicago hotels are in financial distress, up from $680 million a year ago."
I don't think that this is big news for this forum, though. We have plenty of other examples where hotels have financial distress and continue to operate without much impact to the customers.