The managers of ARA US Hospitality Trust, on March 17, announced that they will be selling Hyatt Place Chicago Itasca for a consideration of US$7.75 million ($10.6 million).
A conditional purchase and sale agreement was entered into with IHP Hospitality on March 17.
The consideration will be fully paid in cash. Of the amount, a non-refundable deposit of US$500,000 has been paid. The deposit will be applied towards the sale consideration payable at closing.