Oklahoma investor in deals for distressed Evanston and Itasca hotels
An Oklahoma real estate investor is buying a pair of distressed suburban hotels in a wager that brighter days are ahead for the COVID-gutted hospitality sector.
In a pair of deals poised to resolve pending foreclosure lawsuits, a venture led by Oklahoma-based real estate investor Mark Beffort last week bought the 269-room Hilton Orrington hotel in downtown Evanston and has agreed to acquire the 408-room Westin Chicago Northwest in Itasca, according to people familiar with the deals.
A venture led by Beffort, who is backed by a high-net-worth family in the Oklahoma City area, paid just more than $34 million for the nine-story property at 1710 Orrington Ave. in Evanston, sources said. The purchase price of the Westin could not be determined.