Oak Brook Hyatt Acquired by Pyramid

The Hyatt Regency Oak Brook was acquired today by Boston-based Pyramid Hotel Opportunity Ventures LLC for an undisclosed amount. The 423-room hotel immediately was converted to the Doubletree hotel brand and opened today as the Doubletree Hotel, Chicago-Oak Brook. Hotel employees provided complimentary, freshly baked chocolate chip cookies, the brand’s “signature” item, to guests in celebration of the occasion.

The seven-story property will undergo an approximate $15 million renovation over the next 12 to 18 months. The renovation will include a total makeover of all guest rooms and public spaces and will be completed in phases to minimize disruptions to guests.

“This is a landmark suburban hotel, well-known for its dedicated staff, superior hospitality and excellent guest service,” said Jim Dina, Pyramid’s chief operating officer. “We intend to blend in the warmth and great customer service of the Doubletree brand to create a whole new legacy of service excellence for this property.”

Dina noted that the transition will be transparent to both guests and associates as nearly all of the employees will remain with the hotel, with no further anticipated changes. “Guests will see the same friendly associates at the hotel, some of whom have been there for more than three decades. We have a great team in Oak Brook, and it remains essentially in tact.”

Located at 1919 Spring Road, Oak Brook, Ill., 18 miles west of Chicago, the hotel is situated on 25 lushly landscaped acres, featuring ponds and rock gardens. The property’s 30,000 square feet of meeting space includes 16 conference rooms, three boardrooms, two ballrooms and a state-of-the-art Executive Training Center. The hotel has an indoor heated swimming pool and whirlpool and a 4,000-square-foot fitness center.

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“This is our second property in the Chicago area, and we look forward to becoming an integral part of the Oak Brook community and establishing a larger partnership relationship with the Chicago community,” said Warren Fields, Pyramid Advisors partner and chief investment officer. “We plan to continue to grow our presence in the Chicago area and will seek other similar full-service, high-quality properties here.”

The property is located adjacent to the fabled Oakbrook Mall with its 175 specialty shops and restaurants and proximate to a large number of corporate offices in the immediate area, including McDonald’s world headquarters. “With 30,000 square feet of meeting space, the hotel already has a solid reputation among local businesses as a premier meeting facility and with the surrounding community as a social gathering destination.”

Fields noted that Doubletree is a well-known brand both nationally and in the Chicago area. “As a member of the Hilton family of brands, Doubletree guests will enjoy all the benefits of the popular HiltonHonors guest frequency program. Our long-term goal is to combine the familiar hallmarks of the Doubletree brand with great associates, unparalleled levels of service and significant property renovations to establish a market leadership position.”
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