OXFORD CAPITAL GROUP, LLC AND QUADRUM GLOBAL ACQUIRE CHICAGO’S HISTORIC ATLANTIC BANK BUILDING AT 168 NORTH MICHIGAN AVENUE
Oxford-Quadrum venture acquire noted property in rapidly transforming section of Chicago’s renowned Michigan Avenue.
(CHICAGO, IL; December 7, 2015) – A joint venture of Oxford Capital Group, LLC and Quadrum Global announces today the acquisition of the Atlantic Bank Building at 168 North Michigan Avenue, a historic property adjacent to Chicago’s Millennium Park. In the coming year, the venture will unveil plans to redevelop the building into an approximate 200 room independent lifestyle hotel. This will be Oxford’s 12th hotel investment in the Chicagoland Market. Other noted local projects include the Langham, LondonHouse, the Godfrey, The Essex Hotel-Michigan Avenue, Hotel Felix, Hotel Cass Magnificent Mile, and Hyatt Chicago-Magnificent Mile. Oxford and Quadrum have partnered on a number of transactions including The Godfrey Hotel Chicago, The Essex Hotel-Michigan Avenue and the recently announced Essex Tower, a 55 residential high rise to be developed just south of the Essex Hotel on Michigan Avenue.
“We continue to believe in the attractiveness and irreplaceability of prime Michigan Avenue real estate and the growing momentum of the areas adjacent to Millennium Park and Grant Park,” says John W. Rutledge, founder, president and CEO of Oxford Capital Group, LLC and its wholly owned affiliate Oxford Hotels & Resorts, LLC, the Chicago-based investor, developer, and manager.
The terms of the sale are not disclosed at this time.
ABOUT OXFORD CAPITAL GROUP, LLC
Oxford Capital Group, LLC is a national real estate investment, development and management firm. Oxford Hotels and Resorts, LLC is its wholly owned hotel operating affiliate. Oxford, its affiliates and principals have been involved in approximately $2.5 billion of real estate and private equity investments, including approximately 13,000 hotel rooms and over 2,000 assisted living units and nursing home beds. The firm’s primary areas of focus are hotels, resorts, conference centers, senior housing and other operationally intensive forms of real estate, including health, fitness, spa, athletic and sports/entertainment destination clubs, and entertainment destination outlets including hotel rooftop venues. Oxford’s geographic focus include the nation’s top metropolitan areas: Boston, Chicago, Los Angeles, Miami, New York City, Portland, San Francisco, Seattle, metro Washington D.C., select resort markets, and other markets with unique attributes including Charleston, SC, New Orleans, LA and various markets throughout Florida. Notable national projects include Godfrey Hotel-Boston, Doubletree Metropolitan Hotel-New York City, Lexington Hotel-New York City, and the National Conference Center-Lansdowne, VA. Its current portfolio includes a growing collection of upscale, upper upscale and luxury lifestyle hotels and brands including Cass, Felix, Godfrey, Essex, Bay Harbor and LondonHouse. For information, visit www.oxford-capital.com.
ABOUT QUADRUM GLOBAL
Quadrum Global is a global real estate developer and investment firm focused on value-add opportunities. Through its network of six offices and affiliates worldwide, the firm is currently targeting value-add opportunities mainly in the U.S. and the U.K. Since 2009, the group has committed over $1 billion in capital to real estate investments in the US and grown its total portfolio to $2 billion. For more information, visit www.quadrumglobal.com.