Wyndham Drake Hotel in Oak Brook to close

The Wyndham Drake Hotel in Oak Brook is expected to close by late October and eliminate 94 jobs because of economic problems in the hard-hit travel industry. The property also is undergoing the foreclosure process.

The Parsippany, N.J.,-based Wyndham does not own the Drake in Oak Brook, but the property has been managed by Wyndham Hotel Management Inc. since January 2008.

Under its management agreement, Wyndham allowed the use of its name and has been managing the property on behalf of the owner, Drake Oak Brook Investors LLC, an entity not affiliated with Wyndham, said Wyndham spokeswoman Evy Apostolatos.

A local human resources executive and the hotel's general manager declined to comment and referred all calls to Wyndham. Phone numbers for the Drake Oak Brook Investors in care of Wextrust Capital in Chicago have been disconnected.

Regions Bank has notified Wyndham that it intended to foreclose on the Oak Brook hotel. The hotel is expected to close around Oct. 30.

As a result, Wyndham has been working to relocate groups and travelers with advance reservations and expects to accommodate many of them at other area Wyndham properties, Apostolatos said.

In late July, the Wyndham Worldwide Corp. reported an overall revenue decline of 19 percent. This was due to continued weakness in the lodging industry, unfavorable foreign exchange rates that affected the vacation exchange and rental business, and a previously announced initiative to reduce sales in the company's vacation ownership business.