The Hilton Orrington/Evanston’s owners are slated to give up possession of the hotel in the wake of a $50 million lawsuit.
The hotel, owned by New York-based real estate firm Olshan Properties, was bought in 2015 for $60 million. The firm has failed to make its mortgage payments since August, and plans to hand over the keys to the building as a result. The lawsuit was filed by Deutsche Bank on behalf of investors in Olshan Properties’ loan on the hotel, Crain’s Chicago Business reported on Friday.
The complaint, which was filed Thursday in Cook County Circuit Court, asks a judge to order a public auction to sell the property and appoint a receiver for the hotel.
The hotel, which has been closed since late last year, is the latest local business to be impacted by a COVID-19 driven recession, which has crippled Evanston’s economy. Reduced travel has impacted the hotel industry especially hard — and in Evanston, Northwestern University’s shift to virtual classes for the majority of 2020 have reduced hotels’ profits as well.
[Read more about the impacts of COVID-19 on Evanston hotels.]
In the spring of 2020, the Orrington partnered with the city to house residents experiencing homelessness amid the pandemic. This past fall, the hotel opened its doors once again, allowing NU students to rent rooms for the quarter after student housing shut down — though the hotel closed soon after the end of Fall Quarter.
Email: [email protected]
Twitter: @jacobnfulton
Related Stories:
— In Focus: In an industry ravaged by COVID-19, Evanston hotels struggle to make ends meet
— Students scramble after Hilton Orrington/Evanston closed weeks before Northwestern move-in
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