Reliance Capital Partners, LLC is pleased to announce the $30 million acquisition of a three property hotel portfolio located in Chicago, IL known as the Neighborhood Inns of Chicago ( www.cityinns.com ). Reliance Capital Partners acquired the properties in partnership with Mr. Marc Aron, a private investor.  Debt financing was provided by Lehman Brothers, Inc.

Broughton Hospitality has been awarded the management contracts for the three boutique hotels. “We are honored to have been awarded these prestigious contracts,” said Larry Broughton, President and CEO of Broughton Hospitality.  “It’s significant for us because it marks the first step of our expansion outside of California.  We’ve explored many markets over the last two years, and believe Chicago is an enormous growth area.  We’re thrilled to be managing these outstanding properties in one of the country’s most amazing cities.”

Built in the 1920’s, this collection of historic boutique hotels have been restored and renovated in recent years.  Ideally located in the exclusive Lakeview section of the city, they are minutes away from downtown Chicago’s business, financial and shopping districts by cab or “El.”  All are located within a ten minute walk of Wrigley Field.

Each hotel features its own charm, personality and warmth.  Each will undergo renovations during the coming year with new soft goods and updated amenities.

Reliance Capital Partners can be contacted at their Los Angeles offices below:
Reliance Capital Partners
9911 W. Pico Blvd. Suite 848
Los Angeles, CA 90048
Ph:  310.284.2632
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