Pearlshire Capital Group bought the Embassy Suites hotel in suburban Schaumburg for $23 million from Indianapolis-based private equity real estate investment firm Hotel Capital.
The seven-story, 209-room hotel at 1939 North Meacham Road was built in 1983 and renovated a decade later, according to Real Capital Analytics. Hotel Capital bought the property in 2015 for $8 million, taking out a $15 million loan on it from NXT Capital.
Schaumburg-based Pearlshire financed this month’s purchase with a $14 million mortgage from First Midwest Bank, according to Cook County records.
Pearlshire’s holdings also include the Hampton Inn & Suites in suburban Downers Grove, which it picked up in 2016 for $8 million, and the Holiday Inn Countryside LaGrange in suburban Countryside, which it bought in 2014 for $5 million, according to RCA.