Joint Venture Eyes Stalled Hotel Project in Chicago
From ChicagoRealEstateDaily.com:
Group Paid $11.4 Million For Former Days Inn
A local hotel investment firm has teamed up with developer Centrum Properties to acquire a Lincoln Park hotel redevelopment that stalled two years ago amid Ponzi-scheme charges against its former owner, Wextrust Capital LLC. A joint venture of AJ Capital, Chicago-based Centrum and New York-based Angelo Gordon & Co. took control of the former Days Inn at 1816 N. Clark St. by buying a defaulted loan on the 195-room hotel, says AJ Capital CEO Ben Weprin. Click here for the full story.
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