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Chicago’s O’Hare Market: Ground Zero For Hotel Distress

Published Tuesday, February 09, 2010

Suburban Chicago , and the O’Hare Airport area in particular, may be the most distressed lodging market in the U.S. Last year, according to Smith Travel Research, RevPAR for O’Hare’s 50-some hotels was down 31 percent over 2008, a year in which it fell 10 percent. Occupancy slipped to 56 percent in 2009, and average rate fell 17 percent. Prolonged slumps in performance usually result in distress, and suburban Chicago is no exception. In the past six months, a number of high-profile properties have closed, filed for bankruptcy, defaulted or gone under supervision of special servicers.

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