LOS ANGELES—Ethika Investments, a U.S.-based real estate private equity firm, has announced a capital allocation for the acquisition of the Renaissance O’Hare Hotel in Chicago, Ill. This property marks the sixth investment from Ethika’s Diversified Opportunity Real Estate Fund.
The hotel features 15 floors, 362 guestrooms and 21,500 square feet of meeting space and amenities, including a fitness center, business center, pool, concierge, and an airport shuttle. Ethika’s affiliate, Laurus Corporation, a real estate investment and development company specializing in hotel and resorts, office buildings, and mixed-use properties, recently completed the acquisition of the hotel.
“The O’Hare submarket has a dynamic and diverse economic base which has exhibited resilience in current market conditions. The market RevPAR has improved by approximately 21% over the past 24 months and Class A office vacancy has decreased for the past seven quarters. Additionally, we are planning a $6.5 million renovation program and bringing in Concord Hospitality Enterprises as the new management company to enhance the overall guest experience and further drive future performance,” said BJ Turner, vice president capital markets for Ethika Investments.