The Hyatt Place hotel in Uptown Normal has a new owner.
McNeill Hotel Investors, based in Germantown, Tenn., announced Wednesday it has purchased the 114-room hotel for an undisclosed price. The eight-story hotel opened in 2015. It had been on the market since at least July.
“As we continue to explore investment opportunities in the Midwest, we are proud to acquire this outstanding property, our first in Illinois and one that enjoys an excellent reputation, to our portfolio," Phillip McNeill Jr., the company’s chief executive officer, said in a statement.
McNeill president and COO Mark Ricketts said Bloomington-Normal was an attractive market in part because of its "walkable downtowns."
“In addition to demand drivers that include strong demographics and excellent proximity to regional transportation networks, this property also fits our acquisition profile for the college market segment with the oldest public university in Illinois, Illinois State University, adjacent to the hotel and Illinois Wesleyan University just a short walk away," Ricketts said.
McNeill's announcement also included references to State Farm, Bloomington-Normal's largest employer, and the electric automaker Rivian.
The hotel has struggled at times during its first five years in operation, as the Bloomington-Normal hotel scene is well saturated. In 2017, its owners sought tax breaks from the Town of Normal to help it with a refinancing plan. The owners eventually withdrew that request.
The hotel's previous owner was Uptown Circle LLC, based in Chicago. That's managed by Uptown Circle Development Inc., a group that includes developer Doug Reichl from Tartan Realty. Reichl has worked on several projects in Normal in recent years.