The La Quinta Inn & Suites in Chicago’s Loop has a new local owner, with the 239-room hotel at 1 South Franklin Street trading hands last week for about $30.5 million. Buyer JAMP Hotels says it will keep the property under the La Quinta by Wyndham flag while putting money into freshening up guest rooms and amenities, part of a broader reshuffle of assets tied to the CorePoint Lodging portfolio that Highgate and its partners acquired in 2021, a transaction recorded in SEC filings.
Deal details
According to The Real Deal, the Loop hotel sold for roughly $30.5 million and was one of several La Quinta properties Highgate brought to market after the CorePoint Lodging acquisition. The Real Deal also reported that ownership placed a $625 million loan on a group of La Quinta hotels in 2023, and portions of that debt moved into special servicing as maturities approached, a financial pinch that helped nudge multiple assets toward a sale. Highgate and Cerberus’ takeover of CorePoint is detailed in SEC filings.
Buyer and immediate plans
Brokerage Alchemy Real Estate Advisors, which represented the seller, confirmed the hotel sits at Franklin and Madison in the Central Business District and includes 239 rooms. Alchemy added that the buyer is a privately held, Chicago-based investor that will self-manage the property and launch a property-improvement program while keeping the La Quinta branding in place, so regulars will still recognize the place even as the carpets and fixtures get an upgrade.
Who is JAMP?
JAMP Hotels is led by brothers Jaymin, Lal, Mahesh and Rupesh Patel and operates roughly two dozen properties across Chicagoland and the Upper Midwest, according to JAMP Hotels. JAMP Hotels and CEO Jaymin Patel told The Real Deal that the group believes “very strongly in the future of Chicago’s downtown” and plans to invest in revamping the hotel’s amenities.
Where this fits in the market
Downtown visitation has been grinding its way back. Hotels in Chicago’s Central Business District booked nearly 3.6 million room nights from June through August 2025, a year-over-year increase that helped lift revenue across the market. Bisnow reported on the Choose Chicago figures and noted that renewed domestic and regional travel has been a key driver.
For guests, the ownership change should feel relatively low-drama. JAMP plans to keep the hotel operating while it rolls out upgrades, and Alchemy emphasized the property’s walkable Loop location and proximity to transit and convention demand in its sales pitch. Alchemy arranged the deal, which closed in mid-June and adds to a run of recent downtown hotel trades as owners and lenders rebalance their portfolios.
