Homewood Suites Chicago-Downtown Acquired by Prakash Patel | Real Estate Services M&A Deal

Prakash Patel has completed the acquisition of Homewood Suites Chicago-Downtown, a property management business in Illinois, for $29M. The 233-room extended-stay hotel at 40 East Grand Avenue in Chicago supports ongoing operations and asset-level property management services for guests near the Magnificent Mile. Prakash Patel acquisitions add an IL real estate services asset focused on hospitality operations and long-stay demand. The divestiture acquisition is a closed real estate services deals IL transaction by a private equity buyer, priced at about $125,000 per key after Brookfield’s pandemic-era bankruptcy pickup.