Sep
23

Hotel Liquidation to Lead to Other Living Options

September 23, 2011

One piece of metro suburban Chicago real estate is being liquidated so the new owners can turn it into another type of metro Chicago real estate.

The Sheraton Chicago Northwest Hotel, located at 3400 E. Euclid Avenue in Arlington Heights, closed in 2009 and is currently vacant. Everything inside is being sold from tissue dispensers, irons and phones to fitness equipment, furniture and chandeliers.

CoCo Key Water Resort

The days of splashing in CoCo Key Water Park are over.

The sale has been going on for a couple days and will continue until everything is sold out.

Check it out from 10 a.m. to 7 p.m. Monday through Saturday and noon to 5 p.m. on Sunday. For more information on the sale, including a detailed inventory, visit liquidassetpartners.com.

Now, back to the Chicago real estate aspect of the story.

Developer Argent Realty, which purchased the development in June for $7.7 million, has plans to convert the 426-room hotel into approximately 175 luxury apartments including studio, one-bedroom and two-bedroom units.

That is the first phase of the Arlington Downs development. There are also future plans on the 20 acres of property for a 300-room extended-stay hotel, between 70,000 and 140,000 square feet of retail and restaurant space, and the addition of affordable housing.

This hotel is the site of the CoCo Key Water Resort, which will most likely not make it through the rehab project. There are future plans to replace the $25 million park with other entertainment options.

The hotel was built in 1969 as the Arlington Park Towers. It became a Hilton in 1974, was sold in foreclosure in 1993 and became a Sheraton in 1996. The hotel closed abruptly due to the economy in December 2009.

And you can own a piece of it before it becomes something else.

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Tracey

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