AI starting opinion
AI gives the value. This worksheet lets you prove it or adjust it. Use the research, choose comps and refine assumptions to support your conversations with a banker, lender, partner or buyer.
Estimated market value as of 2026-09-17, not an appraisal. Verified facts: the renovated 135-key hotel is currently offered at $13,500,000, or $100,000 per key. The conclusion reconciles comparable hotel sales, estimated stabilized earnings and depreciated replacement cost.
Starting assumptions and sources
- Fee-simple interest in the real estate and operating hotel business is included, subject to normal franchise requirements.
- No undisclosed structural, environmental, title, tax, franchise or major capital issues.
- The 2025 renovation is substantially complete and of market-standard quality.
- No verified trailing-12-month operating statement, franchise agreement or property-condition report was available.
- The $13.5 million offering price is verified as an asking price, not a closed-sale value.
Research basis
The submitted address identifies the operating hotel on APN 15-17-404-044-0000. A county-record data page also associates the parcel with 323 S Center St, but the current hotel listing and hotel records consistently use 200 S Mannheim Rd. Current LoopNet listing, on market since February 26, 2026: $13,500,000 ($100,000 per key). Listing reports 77,445 SF and 2.05 acres; a parcel-data page reports 80,375 SF total size. Year built is supported as 2009 by the current listing and multiple hotel-industry records, despite older marketing records reporting 2006.
Sales starting assumptions and sources
- Comparable transactions include operating hotel and real-estate value.
- Subject is transferred with an acceptable IHG franchise or similar branding.
- Listing price is negotiable and does not itself establish market value.
- Renovation limits near-term capital expenditures.
Use the details below to prove or adjust this opinion. In Value summary, choose the AI opinion, your worksheet calculation or your own value.
Reconciled starting assumptions: The saved selected-comp calculation starts at $13,523,502. An overall adjustment of -3.131597% was calculated to reproduce the new $13,100,000 AI Sales opinion. This is an editable reconciliation assumption, not a change to comp prices or independent evidence of value. These assumptions reproduce the AI opinion; they are not independent confirmation of it.
How Sales works: Sales starts with the AI opinion above. Compare the property with similar properties using prices per square foot or per unit, then choose Worksheet calculation in Value summary to use your selected comps. Asking prices are seller expectations, not completed transactions; the price basis is shown below.
Improve your estimate: Click any property address to see what Google finds, then fill in or correct the comp’s price, building size and other details here. Our research focuses on your subject property, so we don’t fully investigate every comparable. Verifying and completing the comps you choose is one of the best ways to make your estimate more accurate.
All comps are selected to start, with equal weights. Change any selection or weight. Grades are guidance and do not change weights. All candidates stay in this table. Use selects a comp for calculations and print; unchecking it keeps the row here. A/B/C filters only change visibility. $/SF and $/unit work independently.
| Use | Address | Status | Price | Building SF | Units | $/SF | $/unit | Sold date | Miles | Grade | Weight |
|---|---|---|---|---|---|---|---|---|---|---|---|
2080 Mannheim Rd, Northlake, IL 60164 — Super 8 Chicago Northlake O'Hare SouthDetailsCurrent asking-price listing. Operating-hotel/business and FF&E inclusion or allocation is not stated by the summary source. Immediate Mannheim Road corridor, same suburban/airport-oriented hotel use, and reasonably similar key count and building size. | activeAsking price | $165.83 | $74,468 | — | 3.4 | ||||||
933 Riverside Dr, Elmhurst, IL 60126 — Clarion InnDetailsOffering is for fee-simple interest. Adjacent banquet/conference center is excluded from the stated price but may be sold as a package. Hotel-business and FF&E allocation is not stated. Nearby western-suburban hotel with a similar room count and building size; service level is higher due to food, beverage and meeting facilities. | activeAsking price | $132.88 | $62,500 | — | 3.8 | ||||||
3160 River Rd, River Grove, IL 60171 — Super 8 Chicago/Rosemont/O'Hare/SEDetailsCurrent asking-price listing. Business, franchise rights and FF&E inclusion are not specified in the listing summary. Nearby Cook County airport-oriented hotel, but substantially smaller and lower-service than the subject. | activeAsking price | $241.92 | $92,188 | — | 5.2 | ||||||
900 N Wood Dale Rd, Wood Dale, IL 60191 — Courtyard Chicago Wood Dale/ItascaDetailsReported closed hotel sale. The survey identifies buyer and seller but does not allocate price among real estate, hotel business, franchise/intangibles or FF&E. Close western-suburban airport market, select-service operation and nearly identical room count. | soldClosed sale price | — | $73,469 | Q2 2025 | 9.4 | ||||||
2340 S Fountain Square Dr, Lombard, IL 60148 — Hyatt Place Chicago/Lombard/Oak BrookDetailsSold in a four-hotel portfolio for an aggregate $28.1 million. No defensible individual property-price allocation was published; transaction scope allocation was not stated. Nearby western-suburban select-service hotel with a very similar room count. | soldClosed sale price | — | — | May 2023 | 6.0 | ||||||
2950 S River Rd, Des Plaines, IL 60018 — Courtyard by Marriott Chicago O'HareDetailsReported closed hotel sale. Real estate, operating business, franchise/intangibles and FF&E were not separately allocated. Comparable airport-oriented select-service use in suburban Cook County, but materially larger than the subject. | soldClosed sale price | — | $105,000 | Q3 2024 | 9.3 | ||||||
1300 E American Ln, Schaumburg, IL 60173 — Home2 Suites by Hilton Chicago SchaumburgDetailsReported closed hotel sale. Transaction survey does not state separate allocations for real estate, business value, FF&E or franchise/intangibles. Approximate 15.1-mile straight-line distance filled after research from the same subject and comparable addresses geocoded during the earlier chat pass; original provider response remains archived. Recent suburban select-service sale with a reasonably similar key count; all-suite format differs from the subject's mixed room configuration. | soldClosed sale price | — | $122,430 | Q1 2025 | 15.1 | ||||||
891 Plaza Dr, Schaumburg, IL 60173 — Hampton Inn & Suites Chicago SchaumburgDetailsReported closed sale of an operating branded hotel. Business, FF&E and intangible allocations were not published. Recent suburban select-service sale with suites, similar branding tier and a reasonably comparable room count. | soldClosed sale price | — | $105,140 | Q3 2024 | 14.8 | ||||||
27554 Maecliff Dr, Warrenville, IL 60555 — Hyatt House Chicago/Naperville/WarrenvilleDetailsReported closed hotel sale. The source does not break out real estate, hotel business, FF&E or intangible value. Western-suburban hotel sale with a closely comparable key count; all-suite extended-stay format is a service/use difference. | soldClosed sale price | — | $91,463 | Q4 2023 | 14.7 | ||||||
125 Remington Blvd, Bolingbrook, IL 60440 — SpringHill Suites Chicago BolingbrookDetailsReported closed hotel sale. No separate allocation for the operating business, FF&E, franchise/intangibles or real estate was reported. Recent regional select-service sale with suites, but smaller than the subject and farther from the Hillside/O'Hare corridor. | soldClosed sale price | — | $134,146 | Q4 2024 | 15.7 | ||||||
13330 Cicero Ave, Crestwood, IL 60445 — Holiday Inn Express CrestwoodDetailsActive price-upon-request listing. Operating-business, franchise and FF&E inclusion or allocation is not disclosed in the summary. Same brand and closely comparable room count and building size in suburban Cook County, though south-suburban rather than western-suburban. | activeAsking price | — | — | — | 16.7 | ||||||
100 W Algonquin Rd, Arlington Heights, IL 60005 — Courtyard Chicago Arlington Heights/SouthDetailsActive price-upon-request listing. The summary does not specify whether hotel business, FF&E or franchise rights are included or separately valued. Comparable select-service tier, very similar room count and within the broader O'Hare suburban hotel market. | activeAsking price | — | — | — | 13.5 | ||||||
800 Lake Cook Rd, Deerfield, IL 60015 — Courtyard Chicago DeerfieldDetailsActive price-upon-request listing. Transaction scope and inclusion of business, franchise/intangibles and FF&E are not stated. Nearly identical key count and comparable select-service use; location is a more distant north-suburban corporate market. | activeAsking price | — | — | — | 19.9 | ||||||
18315 S La Grange Rd, Tinley Park, IL 60487 — Country Inn & Suites by RadissonDetailsActive price-upon-request listing. Business, franchise rights and FF&E inclusion are not disclosed by the source summary. Comparable select-service hotel and useful building size, but smaller and in the distant south-suburban market. | activeAsking price | — | — | — | 21.4 | ||||||
16900 Halsted St, Harvey, IL 60426 — Comfort Inn Harvey/HomewoodDetailsCurrent asking-price listing. Sources describe 74 or 76 keys; 74 is retained from the more property-specific LoopNet result. Business and FF&E allocation is unstated. Suburban limited-service hotel with recent renovation evidence, but substantially smaller and in a weaker south-suburban location. | activeAsking price | $207.95 | $71,622 | — | 23.3 | ||||||
2235 173rd St, Lansing, IL 60438 — Comfort Suites near I-80 and I-94DetailsCurrent asking-price listing. Hotel-business and FF&E inclusion or allocation is not stated. Comparable limited-service hotel and suite component, but less than half the subject's key count and in a distant south-suburban corridor. | activeAsking price | $108.67 | $52,306 | — | 25.7 | ||||||
2255 173rd St, Lansing, IL 60438 — Sleep Inn near I-80 and I-94DetailsActive price-upon-request listing. Operating business, franchise rights and FF&E inclusion are not stated. Same general hotel use but materially smaller and located in the distant south-suburban market. | activeAsking price | — | — | — | 25.6 | ||||||
2595 Bunker Hill Dr, Algonquin, IL 60102 — Holiday Inn Express & Suites Chicago-AlgonquinDetailsActive price-upon-request listing. Business, FF&E and franchise/intangible inclusion or allocation is not disclosed. Same brand and service model with rooms and suites, but smaller and in the outer northwest suburban market. | activeAsking price | — | — | — | 31.4 | ||||||
9110 Waukegan Rd, Morton Grove, IL 60053 — Super 8 Morton Grove/ChicagoDetailsCurrent asking-price listing. Operating-business and FF&E treatment is not stated. Cook County hotel evidence, but much smaller, lower-service and outside the preferred building-size range. | activeAsking price | $194.25 | $95,000 | — | 13.2 | ||||||
9424 Waukegan Rd, Morton Grove, IL 60053 — Red Roof Inn Morton GroveDetailsCurrent asking-price listing. Business, franchise and FF&E inclusion or allocation is not specified. Cook County hotel evidence, but substantially smaller and lower-service than the subject. | activeAsking price | $164.32 | $71,698 | — | 13.6 | ||||||
640 N Wabash Ave, Chicago, IL 60611 — Holiday Inn Express Chicago Magnificent MileDetailsClosed Ten-X auction sale. Sale included the ability to retain the Holiday Inn Express brand through a new long-term IHG license; separate business and FF&E allocations were not published. Same brand and similar select-service use with a moderately larger key count; urban downtown location differs materially from Hillside. | soldClosed sale price | — | $94,425 | May 2024 | 13.3 | ||||||
644 W Diversey Pkwy, Chicago, IL 60614 — Hotel Versey Days Inn by Wyndham ChicagoDetailsReported closed hotel sale. Real estate, business, franchise/intangible and FF&E allocations were not published. Nearly identical room count and Chicago-area hotel use, but urban neighborhood positioning differs from the subject's suburban highway market. | soldClosed sale price | — | $175,182 | Q2 2024 | 13.1 | ||||||
3919-3921 W Fullerton Ave, Chicago, IL 60647 — Fullerton HotelDetailsCurrent asking-price listing. Business and FF&E inclusion or allocation is not disclosed. Relatively close Chicago lodging evidence, but substantially smaller and unlike the subject's suburban branded select-service format. | activeAsking price | $146.18 | $45,574 | — | 9.1 | ||||||
16W621 S Frontage Rd, Willowbrook, IL 60527 — The Champagne Lodge & Luxury SuitesDetailsCurrent asking-price listing for a 35-key hotel. Business and FF&E inclusion or allocation is not stated in the listing summary. Nearby DuPage County hotel, but the boutique couples-oriented all-suite format and small key count differ significantly from the subject. | activeAsking price | $579.11 | $307,143 | — | 9.5 | ||||||
111 W Huron St, Chicago, IL 60654 — Hotel FelixDetailsReported closed sale following lender control/foreclosure circumstances. Separate real estate, business, FF&E and intangible allocations were not published. Chicago-area closed sale, but substantially larger and an urban boutique/full-service property rather than suburban select-service. | soldClosed sale price | — | $127,098 | Q4 2022 | 13.1 | ||||||
625 S Ashland Ave, Chicago, IL 60607 — Chicago Marriott at Medical District/UICDetailsReported closed hotel sale. The survey does not state allocations for real estate, operating business, FF&E or franchise/intangibles. Similar key count and relatively close Chicago location, but full-service urban/medical-district demand differs from Hillside select-service demand. | soldClosed sale price | — | $88,496 | Q4 2019 | 11.2 | ||||||
105 N May St, Chicago, IL 60607 — Hyatt House Chicago/West Loop-Fulton MarketDetailsReported closed hotel sale. Price allocation among real estate, business, FF&E and intangible/franchise components was not provided. Select-service hotel sale within the Chicago region, but materially larger and located in a high-value downtown-adjacent urban market. | soldClosed sale price | — | $315,000 | Q3 2024 | 11.8 | ||||||
2750 Greenspoint Pkwy, Hoffman Estates, IL 60169 — Hyatt Place Chicago/Hoffman EstatesDetailsPart of a four-hotel portfolio sold for an aggregate $28.1 million. No defensible individual sale-price allocation was published; business and FF&E allocations are unknown. Comparable suburban select-service hotel and closely similar room count, though farther northwest than the subject. | soldClosed sale price | — | — | May 2023 | 19.2 | ||||||
2875 Milwaukee Ave, Northbrook, IL 60062 — Crowne Plaza Chicago-NorthbrookDetailsReported closed hotel sale. No separate real-estate, operating-business, FF&E or intangible allocation was reported. Suburban Chicago hotel sale, but more than twice the subject's room count and a materially higher service level. | soldClosed sale price | — | $40,881 | Q3 2021 | 16.2 | ||||||
1110 Willow Rd, Northbrook, IL 60062 — Sheraton Chicago Northbrook HotelDetailsReported closed hotel sale. Transaction scope was not allocated among real estate, hotel business, FF&E and franchise/intangibles. Reasonably similar key count in suburban Chicago, but full-service positioning and north-suburban location differ from the subject. | soldClosed sale price | — | $70,625 | Q4 2021 | 17.2 | ||||||
3555 Mall Loop Dr, Joliet, IL 60431 — Hampton Inn Joliet I-55DetailsReported closed hotel sale. Separate allocations for hotel business, real estate, FF&E and franchise/intangibles were not disclosed. Recent sale of a similarly branded-tier suburban highway hotel with a reasonably comparable room count. | soldClosed sale price | — | $101,683 | Q1 2025 | 24.7 | ||||||
1847 W Diehl Rd, Naperville, IL 60563 — Fairfield Inn & Suites Chicago Naperville/AuroraDetailsReported closed hotel sale. No published breakdown among real estate, operating business, franchise/intangibles or FF&E. Comparable select-service branding tier and western-suburban market, but less than half the subject's room count. | soldClosed sale price | — | $194,139 | Q4 2022 | 17.3 | ||||||
2270 Point Blvd, Elgin, IL 60123 — Country Inn & Suites hotel sale comparableDetailsAppraisal identifies a closed operating Country Inn & Suites sale at $26,235 per key. Going-concern hotel transaction; franchise confirmation was limited and component allocations were not provided. Comparable suburban limited-service use and useful room/building size, but in the outer northwest regional market and an older transaction. | soldClosed sale price | $52.68 | $26,235 | December 2019 | 27.5 | ||||||
6090 Gurnee Mills Circle E, Gurnee, IL 60031 — Limited-service hotel sale comparableDetailsAppraisal describes an operating hotel sale that included going-concern value; property had also sold in a June 2018 bulk portfolio. Franchise and component allocations were not confirmed. Same general hotel use with known building size, but substantially smaller, farther away and based on an older transaction. | soldClosed sale price | $46.33 | $39,274 | December 2018 | 36.1 | ||||||
1775 E Belvidere Rd, Grayslake, IL 60030 — Limited-service hotel sale comparableDetailsAppraisal reports a closed going-concern sale in a multi-property transaction. Business, FF&E and intangible allocations were not separately provided. Comparable room count and limited-service use, but smaller building area, distant Lake County location and older sale date. | soldClosed sale price | $148.82 | $39,352 | August 2016 | 33.2 | ||||||
975 Lakeview Pkwy, Vernon Hills, IL 60061 — Limited-service hotel sale comparableDetailsAppraisal reports a closed hotel sale and notes superior amenities including covered entry, breakfast room, exercise room and indoor pool. Component allocations were not stated. Closely comparable room count, same general limited-service use and useful building size; location is farther north and transaction is older. | soldClosed sale price | $91.45 | $43,277 | June 2016 | 26.3 | ||||||
5688 Northridge Dr, Gurnee, IL 60031 — Limited-service hotel sale comparableDetailsAppraisal notes conflicting scope evidence: PTAX indicated no personal property, while the analysis applied an adjustment for personal and intangible property. Allocation remains uncertain. Comparable limited-service use, room count and building size, but distant Lake County location and older transaction. | soldClosed sale price | $94.23 | $46,117 | July 2019 | 35.5 | ||||||
7651 Walton St, Rockford, IL 61108 — Fairfield Inn & Suites RockfordDetailsReported closed hotel sale. No separate real-estate, hotel-business, FF&E or franchise/intangible allocation was published. Recent Illinois select-service sale with a comparable key count, but outside the Chicago metropolitan market. | soldClosed sale price | — | $99,292 | Q2 2024 | 62.2 | ||||||
7676 E State St, Rockford, IL 61108 — Courtyard RockfordDetailsActive price-upon-request listing. Hotel business, franchise and FF&E inclusion or allocation is not specified. Very similar key count, building size and select-service format, but outside the Chicago metropolitan market. | activeAsking price | — | — | — | 62.3 | ||||||
1031 Wylie Dr, Bloomington, IL 61705 — Holiday Inn Express Bloomington WestDetailsActive price-upon-request listing. Operating-business, franchise/intangibles and FF&E inclusion or allocation is not stated. Same brand and similar select-service use with useful building size, but smaller and well outside the Chicago regional market. | activeAsking price | — | — | — | 112.4 |
Research basis
Focused search began on the Mannheim Road/West Cook corridor, then expanded through nearby DuPage and O'Hare-area suburbs, Cook County, the broader Chicago suburbs and finally useful Illinois regional evidence. The set contains closed sales and active offerings; no defensible pending listing was identified. Asking prices are explicitly separated from closed-sale prices. Several reported sales are going-concern hotel transactions, but most public sources do not allocate consideration among real estate, operating business, franchise/intangibles and FF&E. Parcel-level straight-line distances were not published by the cited sources and are therefore left null rather than estimated or replaced with road mileage.
Current asking-price listing. Operating-hotel/business and FF&E inclusion or allocation is not stated by the summary source.
Offering is for fee-simple interest. Adjacent banquet/conference center is excluded from the stated price but may be sold as a package. Hotel-business and FF&E allocation is not stated.
Current asking-price listing. Business, franchise rights and FF&E inclusion are not specified in the listing summary.
Reported closed hotel sale. The survey identifies buyer and seller but does not allocate price among real estate, hotel business, franchise/intangibles or FF&E.
Sold in a four-hotel portfolio for an aggregate $28.1 million. No defensible individual property-price allocation was published; transaction scope allocation was not stated.
Reported closed hotel sale. Real estate, operating business, franchise/intangibles and FF&E were not separately allocated.
Closed sales
Selected closed sales only. Each calculation uses the available SF or unit count independently.
Asking market check
Active and pending asking prices are shown separately here so you can compare them with closed sales. The comp calculations use all selected priced comps; the AI estimate remains separate.
Income starting assumptions and sources
- 135 available rooms operating 365 days annually.
- Stabilized occupancy of 68%-72%.
- Stabilized ADR of $118-$124.
- Total revenue includes limited ancillary income of approximately 3%-6% of room revenue.
- Stabilized NOI margin of 26%-29% after management and franchise expenses but before debt service, depreciation and income tax.
- Capitalization rate of 9.0%-10.5%, reflecting a Class B select-service highway/airport-area hotel.
Use the details below to prove or adjust this opinion. In Value summary, choose the AI opinion, your worksheet calculation or your own value.
Reconciled starting assumptions: $121 is an assumed annual-average occupied-room nightly rate, within the AI range. The worksheet keeps the user-selected 90% occupancy default and the saved $140,000 ancillary income; the AI answer used 68%–72% occupancy. Expenses below are derived for this 90% scenario, not the AI answer’s original operating margin. Review annual occupancy and weekday/weekend and seasonal rates together. Annual operating expenses of $4,366,048 were calculated to reconcile the inputs to $12,000,000. These are editable starting assumptions, not verified operating accounts. These assumptions reproduce the AI opinion; they are not independent confirmation of it.
How Income works: Estimate the annual income left after vacancy and operating expenses, before loan payments and income taxes. This net operating income (NOI), divided by a market capitalization rate (cap rate), gives an income-based value indication.
Hotel income: available rooms × average nightly rate × 365 × assumed occupancy. Use full-year averages that account for peak/off-season and weekday/weekend demand. ADR is the average rate per occupied room-night; occupancy is the share of available room-nights sold. A peak or weekend quote is not an annual average. The starting 90% occupancy is editable; compare it with the researched annual occupancy.
Research basis
Estimated stabilized achieved ADR as of September 16, 2026, not a quoted retail rate. The estimate synthesizes the O'Hare submarket's October 2025 TTM achieved ADR of $133 with nearby advertised/booked-rate observations: Best Western Plus Hillside generally $88-$179 by month and $104-$166 recently booked; Four Points Westchester typical $88-$147 and approximately $149 average deals; and higher-rated Hyatt House Oak Brook approximately $154-$265 by month. The renovated 2025 Holiday Inn Express positioning supports an ADR moderately above the broad O'Hare result but below the stronger Oak Brook suite-hotel observations.
Equivalent to 68.6% occupancy, using the reported October 2025 trailing-12-month O'Hare hotel-submarket occupancy as the best available regional operating-market proxy. The 95% worksheet setting is not treated as observed occupancy.
Practical annual expense input modeled using the worksheet's requested 95% occupancy starting scenario, 135 available rooms, $145 ADR and approximately $140,000 ancillary income. Includes payroll and benefits, housekeeping/rooms and complimentary-breakfast costs, utilities, estimated real-estate taxes, insurance, franchise/system/reservation charges, management, administration/sales/repairs/IT/security, and an approximately $280,000 FF&E replacement reserve included once. Total is approximately 75% of modeled total operating revenue under that high-occupancy scenario. These are appraisal-style estimates, not represented as the hotel's private financial statements.
Estimated capitalization rate for stabilized suburban select-service hotel NOI after the FF&E replacement reserve. Supported by Q4 2024-Q1 2025 select-service indications of 8.25%-9.50%, national hotel cap rates around 8.3% in late 2025/early 2026, and higher return requirements generally applicable to suburban operating hotels. No verified Hillside transaction with disclosed reserve-adjusted NOI was found, so 9.0% is a synthesized regional/segment input rather than a directly observed sale cap rate.
No tax benefit is quantified. A hotel acquisition normally requires allocation among land, building, furniture/fixtures/equipment and potentially franchise, workforce, going-concern or other intangible interests; depreciation and amortization depend on the final purchase-price allocation and tax advice.
The subject is an operating, IHG-branded select-service hotel rather than passive real estate alone. The $110.04 subject advertised figure is the weighted average of the broker listing's $108 standard-room and $119 suite daily rates; it is not verified achieved ADR. The income and cap-rate inputs reflect an operating hotel including necessary FF&E and going-concern elements. Any appraisal of real-property-only value must separately identify and deduct contributory FF&E and unallocated business/intangible interests. Ancillary income is limited to meeting-space, market/vending and similar non-room receipts; complimentary breakfast, parking and Wi-Fi are not counted as separate guest-fee income.
Subject identity and operating-hotel offering · 200 S Mannheim Rd, Hillside, IL 60162 · 135 guest rooms · Operating Holiday Inn Express & Suites offered at $13.5 million; 77,445 SF, five stories, interior corridors, built 2009 and renovated 2025. The offering includes an operating branded hotel context, not documented real estate alone.
Subject standard-room advertised rate · 200 S Mannheim Rd, Hillside, IL 60162 · 108 USD per room-night · Broker-advertised daily rate for 110 standard guest rooms. Not identified as achieved annual ADR.
Cost starting assumptions and sources
- Replacement cost benchmark includes land, building, site work, soft costs, FF&E and developer costs.
- Combined depreciation and obsolescence is approximately 45%-62%.
- The 2025 renovation improved rooms and public areas but did not make the entire 2009 structure new.
- No extraordinary site-remediation or demolition costs exist.
Use the details below to prove or adjust this opinion. In Value summary, choose the AI opinion, your worksheet calculation or your own value.
Reconciled starting assumptions: The AI development indication of $223,000 per key × 135 keys is $30.105M including land, FF&E and soft costs. Subtracting the retained $1.16M land before dividing by 77,445 SF gives an equivalent improvement rate; this avoids adding land twice. It is an all-in development-equivalent rate, not a sourced building-only construction quote. The AI scope includes hotel operations and normal FF&E. Total depreciation of 55.640007% was calculated to reproduce $14,000,000 including land. These are editable starting assumptions, not independent confirmation of the AI value. These assumptions reproduce the AI opinion; they are not independent confirmation of it.
How Cost works: Estimate what it would cost to replace the building today, subtract depreciation for age, condition and obsolescence, then add the land value.
Research basis
Practical September 2026 replacement-cost input for the subject's 77,445-GSF, five-story, interior-corridor Holiday Inn Express & Suites. HVS's July 2026 survey, based on 2025 ground-up budgets, specifically identifies Holiday Inn Express among its limited-service sample. HVS reports building/site medians of $141,143 per key for limited-service hotels and $126,900 per key for select-service hotels. At the subject's 573.67 GSF per key, these equal approximately $246/SF and $221/SF; corresponding averages equal approximately $237/SF and $272/SF. Chicago's Q4 2025 RLB benchmark is substantially higher at $380-$510/SF for three-star hotel hard construction. The selected $300/SF recognizes Chicago-area labor and material costs but places this suburban, surface-parked Hillside property below central-city three-star construction. It covers the real-property building, normal site improvements/parking, permits, engineering and necessary real-property design/indirect costs. It excludes land, movable FF&E and operating equipment, financing, franchise costs, pre-opening/working capital, developer fee, licenses and business/going-concern value. Geography and project-design differences create material uncertainty; this is not a contractor estimate.
Overall real-property depreciation estimate as of September 2026. The 2009 improvement has approximately 17 years of chronological age, but the reported 2025 renovation should reduce the effective age of renovated finishes, guest areas and building systems. A 28% allowance reflects residual physical depreciation in the structure and unrenovated/partially renovated systems, modest functional obsolescence associated with an older hotel prototype, and limited external obsolescence. No physical inspection, renovation scope, capital ledger, engineering report or remaining-useful-life study was available; if the 2025 work was primarily cosmetic or FF&E, actual real-property depreciation could be higher. The estimate applies only to building/site real property and not to land, FF&E or business value.
Estimated market land indication of approximately $13.00 per square foot applied to the subject's reported 89,298-SF site, rounded to $1.16 million. The principal local evidence is a 2024 appraisal of a vacant Mannheim Road commercial site in nearby Franklin Park reporting three 2022 land sales from $3.93 to $11.65/SF, including an 88,019-SF Mannheim Road sale at $11.65/SF. A current small Hillside redevelopment listing at 4718 Roosevelt Road asks approximately $24.19/SF. The selected rate is above the dated larger-parcel sales but materially below the small current asking price, recognizing the subject's major-road/interstate-access commercial location and its much larger parcel size. This is a land-only market estimate; existing hotel improvements, FF&E and business value are excluded, and assessed allocation was not used as market value.
HVS 2026 limited-service hotel median building and site improvements · 141,143 USD/key · July 2026 survey based on actual 2025 ground-up development budgets. HVS specifically lists Holiday Inn Express among the active limited-service brands. Building/site category includes the building, contractor bids and overhead, permits, engineering, signage, hard-cost contingency, landscaping, parking and site improvements; land, FF&E, pre-opening and developer fee are separately reported.
HVS limited-service median converted using subject density · 200 S Mannheim Rd, Hillside, IL 60162 · 246.02 USD/SF GFA · Conversion: $141,143 per key divided by 573.67 GSF/key, based on 77,445 GSF and 135 keys. National observation; not Chicago-specific.
HVS 2026 limited-service average building and site improvements · 136,162 USD/key · Converts to approximately $237.35/SF at the subject's 573.67 GSF/key.
HVS 2026 select-service median building and site improvements · 126,900 USD/key · Converts to approximately $221.21/SF at the subject's density. Preserved because the request characterizes the property as select-service, although HVS places Holiday Inn Express in its limited-service sample.
HVS 2026 select-service average building and site improvements · 156,219 USD/key · Converts to approximately $272.31/SF at the subject's density; national geography.
Value summary
These editable worksheet assumptions start at the AI approach opinions. Changing inputs changes the calculated values below. Original AI opinions remain visible; select one again at any time. Your final conclusion is yours.
AI suggested weights: 50% Sales · 40% Income · 10% Cost. Sales receives 50% because the active subject listing and recent suburban Chicago hotel transactions provide strong market evidence. Income receives 40% because buyers principally value hotels on earnings, but property-specific financial statements were unavailable. Cost receives 10% because depreciation and business-value allocation make it less reliable for an operating hotel. Weights total 100%.