The Courtyard Chicago O’Hare offers a promising value-add opportunity while being located next to the world’s second busiest airport by aircraft movements, numerous tourist attractions, headquarters for multiple major companies, and several medical facilities.
The Property's top line metrics are strong but offer room for growth as well. The Hotel was ranked 2 of 5 among its competitive set in the November 2023 TTM period, according to STR. Although occupancy is currently lagging the market, there is significant room for occupancy growth upon completion of a PIP. Furthermore, the affiliation with the 160 million members of Marriott’s Bonvoy rewards program provides additional benefits in expanding demand channels for bookings. An investor can also capitalize on opportunities to revamp operations and implement cost control initiatives.
Chicago O’Hare Airport is the world’s most connected airport, serving as a hub for two of the largest airlines in the United States (United Airlines and American Airlines). The airport is also a major cargo hub for international air cargo carriers, such as Atlas Air, Cargolux, and DHL. The area’s diverse economy is also home to the headquarters of US Foods, a Fortune 500 food distributor; Wintrust Financial, one of Chicago’s largest banks; and Reyes Holdings, the sixth largest privately held company in the United States.
Furthermore, with the highest-grossing casino in Illinois located just steps from the Hotel, the O’Hare submarket is a hub for entertainment and shopping in the Chicago metropolitan area. The submarket is also home to premier sporting and concert venues such as Allstate Arena, Rosemont Theatre, and Parkway Bank Sports Complex. Additionally, the Donald E. Stephens Convention Center in Rosemont offers over 840,000 square feet of exhibition space for major conventions, which are held nearly every week.