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Highlights
JAMP Hotels, led by CEO Jaymin Patel, purchased the 239-room La Quinta hotel at 1 South Franklin Street in downtown Chicago for $30.5 million.
Highgate Hotels is offloading this property as part of a strategy to sell off assets from a $1.5 billion portfolio of La Quinta-branded hotels, which Highgate and Cerberus Capital Management acquired in 2021.
Despite some recent discounting in the Chicago hotel market, JAMP Hotels intends to invest in upgrading the La Quinta’s amenities, citing strong confidence in the future of downtown Chicago's hospitality sector.