Loop: JAMP Hotels Buys La Quinta for $30.5M From Highgate

JAMP Hotels, a Chicago-based private investment firm, bought the 239-room La Quinta Inn & Suites by Wyndham at 1 South Franklin Street in the Loop for $30.5 million, according to the Cook County Clerk’s recorded sale of the property and corroborating trade-press reporting. The deal closed in mid-June and was recorded under document 2616021005 on June 4, two parcels totaling $30.5 million. Cook County’s sale record carries no verified buyer or seller name, only a mailing name on the parcel, which the county lists as LQ Chicago LLC and which is not independently confirmed as either party to the transaction.

CoStar reported the sellers as a Highgate Hotels and Cerberus Capital Management venture, the same partnership that took over the hotel’s previous owner, CorePoint Lodging, in a $1.5 billion deal in 2021. Highgate has been working through that portfolio since, and the Franklin Street property is one more disposition out of it. JAMP’s chief executive, Jaymin Patel, has said the firm plans to put money into renovating the property’s amenities while keeping the La Quinta flag.

Why it matters

A sub-$130,000-per-key trade for a limited-service Loop hotel gives brokers and lenders a fresh data point on where downtown Chicago hospitality is pricing, five years into Highgate and Cerberus working down the CorePoint book. For agents tracking the Loop’s hotel stock, a buyer willing to invest in upgrades rather than flip or convert the asset is also a signal that at least one operator sees a path back for a mid-market downtown hotel.

The numbers

• $30,500,000 recorded sale price, Cook County Clerk document 2616021005, recorded June 4, 2026.
• 239 rooms, or roughly $127,615 per key.
• Part of the $1.5 billion CorePoint Lodging portfolio Highgate and Cerberus acquired in 2021.
• Two tax parcels, PINs 17-16-202-002-0000 and 17-16-202-001-0000, property class 529 (hotel).

What’s next

JAMP has said it intends to keep the La Quinta brand in place while upgrading the property’s amenities rather than converting it to another use, a different path than several other Highgate-Cerberus dispositions in gateway markets have taken. More on the market: Chicago.