A 467 room former Wyndham Hotel in Chicago, Illinois with an indoor and an outdoor pool, full fitness center, two bars, a cafeteria and a restaurant.
Douglas Wilson Companies (DWC), agent for Receiver, was tasked to take possession, manage and maintain the property.
DWC quickly procured maintenance contracts such as security, fire panels and elevators, oversaw the return of approved inventory back to vendors, removed all Wyndham branding and cleaned up damage from ruptured pipes. DWC focused on keeping building systems such as water pipes, roof-top phone towers and city-wide emergency repeaters up and running.
DWC was engaged to manage a Receiver Sale. An international marketing campaign was executed in conjunction with a Chicago-based hospitality broker. Although several previous attempts to sell the asset had not been successful, DWC was successful in closing the Receiver Sale ahead of the client’s time schedule and at a price 30% above the client’s target.
Circuit Court of Cook County, Illinois County Department – Chancery Division
Douglas Wilson Companies was founded in 1989 to provide a wide range of specialized business, workout, and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITs, financial institutions, and property owners throughout the United States.
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