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Updated: March 10, 2025 @ 4:27 am
The Hyatt Place Champaign/Urbana in downtown Champaign on Friday.
The Hyatt Place Champaign/Urbana in downtown Champaign on Friday.
CHAMPAIGN — A downtown hotel that opened a little over a decade ago has been sold to new owners.
Hyatt Place Champaign/Urbana, located at 217 N. Neil St., is now part of the portfolio of ICON Lodging, a hospitality company headquartered in Dallas.
“With spacious guest rooms, thoughtful amenities, and an unbeatable location near the University of Illinois, we’re excited to bring ICON Lodging’s signature commitment to service and excellence to this dynamic community,” the company wrote in a LinkedIn post.
“This acquisition marks another step forward as we continue to grow and deliver outstanding guest experiences. Stay tuned for more updates as we elevate hospitality at Hyatt Place Champaign/Urbana!”
Property records show that ICON purchased the property through an LLC for $18.25 million from YG Hotel Investors LLC.
The company does not appear to be affiliated with Icon Hospitality, the developer on the Hotel Royer project in Urbana.
Hyatt Place Champaign/Urbana opened in June 2014.
Hans Grotelueschen, developer on the project and part of YG Hotel Investors, could not be reached for comment.
The sale of the Hyatt closed on Dec. 16, 2024.
Just a few days later, on Dec. 19, Green Street Realty closed on the purchase of three properties that formerly belonged to Downtown Champaign Holdings LLC, including the building that houses Carmon’s at 804 N. Neil St.
Downtown Champaign Holdings LLC, which is managed by Grotelueschen, had previously reached an agreement with First Mid Bank & Trust for a consent foreclosure on the three sites.
CRS Hospitality now works in collaboration with Green Street Realty to manage Carmon’s, which was previously run by another LLC also associated with Grotelueschen.
An LLC run by developer Hans Grotelueschen is facing foreclosure on multiple downtown properties, including the property at 804 N. Neil St. that houses Carmon’s, with court filings indicating that the business’s lease may be terminated soon.
“We are excited to officially announce that Green Street Realty is acquiring 802-804 N Neil, 106-108 S Neil and 111-113 N Walnut in Champaign. CRS Hospitality will be working in collaboration with Green Street Realty to manage and operate the Carmon’s space.”
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