Westin Wheeling (Illinois) in foreclosure

 
Old Jun 22, 10, 10:27 pm
  #1  
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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
worldtrav is offline  
Old Jun 23, 10, 8:02 am
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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.
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Old Jun 23, 10, 9:03 am
  #3  
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What a shame.. it's perfect for business travelers, although I never saw any while I was there. Mostly weddings / events and leisure travelers.
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Old Jun 23, 10, 9:43 am
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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.
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Old Jun 23, 10, 9:53 am
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Here's a more informative article, IMO.

"Hotel values have plunged, too, meaning the Westinís 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."

"Itís 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.
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