HyattStudiosMidway
150 keys at LeClaire Courts, immediately north of Chicago Midway International Airport. Ground-up, upper-midscale extended stay under a Hyatt flag.
Total project cost
Keys · 113 king, 37 queen-queen
Projected LP IRR
Projected LP multiple
A $34.2 million, 150-key extended-stay hotel. Airport demand, an upper-midscale Hyatt flag and a lean operating model.
- Airport-driven demand supports stable, year-round occupancy.
- An upper-midscale Hyatt flag brings brand credibility and repeat guests.
- Extended-stay design lengthens stays and lowers turnover costs.
- A lean operating model protects margins across cycles.
- Embedded upside from the LeClaire Courts redevelopment.
- A Chicago-based development team with an execution record.
- Total project cost
- $34.2 million
- Hotel brand
- Hyatt Studios, upper-midscale extended stay
- Keys
- 150 · 113 king / 37 queen-queen
- Site
- 1.87 acres
- Location
- LeClaire Courts, Chicago · adjacent to Midway
- Type
- Ground-up extended-stay hotel
- Demand drivers
- Airline crews, business travelers, extended-stay guests
Room nights, revenue and rate. All rising.
Chicago's hotel recovery shows up in demand, revenue and pricing. Performance is strongest downtown and varies by segment and neighborhood.
Hotel revenue, up 2.9% year over year.
Room nights sold, up 2.3%.
Occupancy, up from 68.1% in 2024.
Average daily rate, up 0.6%.
June 2026 downtown RevPAR, a reported monthly record and 16% above the June 2018 peak.
Q2 2026 downtown RevPAR growth, reportedly first among the top 25 U.S. CBDs.
- Conventions. McCormick Place bookings reportedly pace at 104% of 2019 levels for 2027 and 113% for 2028.
- Limited new supply. A constrained downtown pipeline supports existing hotels.
- Room economics. RevPAR gains come from both occupancy and rate.
Consecutive years as the top U.S. metro for corporate investment, per Site Selection Magazine.
Consecutive years voted Best Big City in the U.S. by Condé Nast Traveler readers.
New jobs from 140 corporate expansions and relocations in 2025, per World Business Chicago, with growth on the South and West sides.
Sources: STR / Choose Chicago (2025 downtown performance, 2021–2025 RevPAR); Choose Chicago / STR (June and Q2 2026 RevPAR); JLL, October 2026 market commentary (convention booking pace); Site Selection Magazine; Condé Nast Traveler; World Business Chicago.
Hyatt's first upper-midscale extended-stay brand.
Hyatt Studios was designed with hotel developers to drive value for owners and guests: efficient to build, lean to run, and flexible across markets.
Scalable up or down to fit the site.
All wood frame. No structural steel.
Fits compact infill sites.
Full-time equivalents.
About 60% more staff at a traditional upper-midscale hotel.
All back-of-house sits behind the front desk. Housekeeping is weekly. Breakfast is grab-and-go, with a 24/7 market for purchases.
Departmental staff flex with occupancy. Fixed staff: manager, assistant manager, engineering and housemen, sales manager, and part-time lobby and food attendant.
Lobby
Open-concept lobby and front desk. Compact design supports the lean labor model.
Amenities
Free grab-and-go breakfast with fruit, muffins, granola, coffee and tea. A 24/7 market. Meeting space and pool are optional.
Guestrooms
Defined sleeping and lounge areas. Kitchens with full-size refrigerators, convection microwaves and cooktops.
Inside a 32-acre, $500 million redevelopment.
The hotel sits within the multi-phase, mixed-use, mixed-income redevelopment of the former LeClaire Courts public housing site, at the southeast corner of I-55 and Cicero Avenue.
Total redevelopment.
New residential units, 70% affordable.
Plus 775 construction jobs.
Roads, utilities and streetscape, with the City of Chicago.
183 homes, 80% affordable
Lifestyle amenities, transportation access and recreational space.
Health care, grocery, child care
A federally qualified health center, a full-service grocer, an early childhood center and fast-casual retail.
Built with the City
Cabrera teamed with the City of Chicago to design and finance $26.6 million in public improvements: sewer and water extensions, redesigned roadways, street lighting, sidewalks, dry utilities and landscaping.
The hotel site is 1.87 acres, immediately north of Midway.
$228,457 per key, all-in.
An 80/20 debt-to-equity capitalization. Hard costs are 62% of the budget, with a separate interest reserve and contingency.
$182,765 per key.
$45,691 per key.
$6.17M limited partners · $0.69M sponsor.
85% occupancy and $3.9M NOI by Year 5.
Five fiscal years, ending July 2028 through July 2032. Rate grows 7% in Year 2, then settles to 2–5% a year.
Year 1 NOI includes a $750,000 key money credit, which is why it exceeds Year 2. Replacement reserve steps from 2% to 3% of revenue in Year 3.
Show full operating projectionsYears 1–5 · fiscal year ending July
| Year 1FY 2028 | Year 2FY 2029 | Year 3FY 2030 | Year 4FY 2031 | Year 5FY 2032 | |
|---|---|---|---|---|---|
| Available rooms | 54,900 | 54,750 | 54,750 | 54,750 | 54,900 |
| Occupied rooms | 41,101 | 43,800 | 45,443 | 45,990 | 46,665 |
| Occupancy | 74.9% | 80.0% | 83.0% | 84.0% | 85.0% |
| ADR | $164.00 | $175.48 | $184.25 | $189.78 | $193.58 |
| RevPAR | $122.78 | $140.38 | $152.93 | $159.42 | $164.54 |
| TRevPAR | $94.01 | $108.65 | $119.02 | $124.18 | $128.15 |
| Revenue | |||||
| Rooms | 6,740,535 | 7,686,024 | 8,372,962 | 8,728,057 | 9,033,282 |
| F&B | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 |
| Other operated departments | 20,550 | 22,557 | 24,105 | 25,127 | 26,261 |
| Total revenue | 6,836,086 | 7,783,581 | 8,472,067 | 8,828,184 | 9,134,543 |
| Departmental expenses | |||||
| Rooms | 1,350,000 | 1,485,772 | 1,586,805 | 1,647,012 | 1,701,662 |
| F&B | 25,000 | 25,218 | 25,437 | 25,658 | 25,881 |
| Other operated departments (shuttle) | 300,000 | 324,219 | 343,338 | 356,834 | 371,585 |
| Departmental profit | 5,161,086 | 5,948,372 | 6,516,487 | 6,798,680 | 7,035,415 |
| Undistributed expenses | |||||
| Admin. & general (incl. card commissions) | 334,972 | 364,109 | 385,319 | 393,861 | 403,638 |
| Information & telecom systems | 70,000 | 67,671 | 72,315 | 75,382 | 78,783 |
| Brand fees (royalty, program, loyalty) | 606,237 | 665,432 | 711,097 | 741,254 | 774,698 |
| Property operations & maintenance | 190,500 | 180,456 | 192,840 | 201,018 | 210,087 |
| Utilities | 130,500 | 138,496 | 146,563 | 151,295 | 156,586 |
| Gross operating profit | 3,828,877 | 4,532,208 | 5,008,354 | 5,235,870 | 5,411,623 |
| Management fee (3%) | 205,083 | 233,507 | 254,162 | 264,846 | 274,036 |
| Fixed expenses | |||||
| Property taxes | 750,000 | 765,000 | 780,300 | 795,906 | 811,824 |
| Insurance | 105,000 | 107,100 | 109,242 | 111,427 | 113,655 |
| Key money credit | (750,000) | – | – | – | – |
| EBITDA | 3,518,794 | 3,426,601 | 3,864,650 | 4,063,692 | 4,212,108 |
| Reserve for replacement | 136,722 | 155,672 | 254,162 | 264,846 | 274,036 |
| Net operating income | 3,382,073 | 3,270,929 | 3,610,488 | 3,798,846 | 3,938,071 |
| NOI margin | 49.5% | 42.0% | 42.6% | 43.0% | 43.1% |
Limited partners: 33.4% IRR, 3.18x.
Returns by position. Select one to compare equity in, profit, IRR and multiple.
Limited partners fund 90% of the equity.
3.18x on $6.17M
4.08x on $6.85M
2.06x on $34.27M
12.20x on $0.69M
Two Chicago firms. One team.
Cabrera brings capital markets and public-private finance. Condor brings infill, mixed-use and hospitality development, including Hotel Lincoln.
Capital, development and advisory
Real estate development, investment and consulting across the living sector. Part of Cabrera Capital, with more than 105 professionals across eight U.S. offices and a trading desk in London.
- Martin CabreraCEO & Chairman
- Robert AguilarPresident
- Manuel PerezDirector
- Ben CardenasDirector
- Eddy EncinalesChief of Staff
Infill, mixed-use and adaptive reuse
A boutique Chicago development, investment and consulting firm. Acquisitions, entitlements, community engagement, design, value engineering, construction, leasing and dispositions.
- Sol BarketFounder & CEO
- Michael McLean Jr.Founding Partner
- Rashid MasoodPartner & CFO
- Bob ShelleyDirector of Hospitality