Axela Hospitality Acquires The Drake Oak Brook - A Wyndham Hotel
Luxury Hotel Redevelopment Emerges in One of Chicago's Finest Communities 15 Miles West of the Loop
BETHESDA, MD--(Marketwire - January 17, 2008) - Axela Hospitality, a subsidiary of
Chicago-based WexTrust Capital, a globally diversified private equity and
specialty finance company, announced today that it has acquired The Drake
Oak Brook - A Wyndham Hotel located at 2301 York Road in Oak Brook, Ill.
WexTrust Capital acquired the property from R.P. Fox & Associates. Terms
of the transaction were not disclosed.
"We are extremely pleased to have completed the acquisition of this
landmark hotel, as we fully value the energy and growth of this dynamic
community bordering the Loop. We plan to create an exciting and vibrant
destination for locals and travelers alike. The close proximity to
Chicago, combined with the long-standing tradition of The Drake Oak Brook
make this a great opportunity for growth," said Elmer Coppoolse, CEO of
Axela Hospitality. "We plan to renovate, expand and reposition the
property to cater to the upscale corporate and leisure travel markets.
There is currently no luxury boutique hotel west of Chicago and we plan to
fill that void."
Located just 15 miles west of Chicago's Loop and a few minutes from Oak
Brook Center, a premier Midwest shopping destination known for its mix of
upscale retail, restaurants and outdoor ambiance, The Drake Oak Brook is
also in close proximity to several corporate headquarters. The hotel is
also equidistant to Chicago's O'Hare International and Midway airports,
which are approximately 15-20 miles from the hotel.
Situated on 9.3 acres of land with mature trees, the hotel currently boasts
160 rooms, 11,000 square feet of indoor meeting space, and 14,000 square
feet of flexible outdoor meeting space. Guest rooms are equipped with 32
inch LCD televisions, upgraded granite vanities with shower massagers in
the bathrooms, coffee makers, hair dryers, microwaves, mini-refrigerators,
irons and ironing boards, two-line phones and high speed Internet. Other
amenities include indoor and outdoor swimming pools, a Jacuzzi and
whirlpool, an exercise facility, tennis courts, and a walking trail that
spans three quarters of a mile around the property which leads to the Oak
Brook Golf Course.
"The Drake Oak Brook has long held a premier position among Chicago area
hotels and we are committed to reviving the luster of this fine property,"
said Steve Byers, CEO of WexTrust Capital and also a resident of Oak Brook.
Moving forward the hotel will be managed by Wyndham Hotel Management
Company and will be added to the Wyndham Grand Collection, an ensemble of
elegant, one-of-a-kind hotels within the Wyndham Hotels and Resorts brand
aimed at guests looking for unique experiences in distinctive destinations
around the world.
"We are very excited to have Axela Hospitality join the world-class hotels
in our upscale management portfolio," said Peter Strebel, Wyndham Hotels
and Resorts president. "The Wyndham Drake Oak Brook is well-positioned to
benefit greatly from the extensive breadth of knowledge and services of our
For more information on The Drake Oak Brook - A Wyndham Hotel or to make a
reservation, please visit http://www.wyndhamdrake.com or call:
Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide Corporation
(NYSE: WYN), offers upscale hotel and resort accommodations throughout the
United States, Canada, Mexico and the Caribbean. All hotels are either
franchised or managed by Wyndham Hotels and Resorts or an affiliate.
About Axela Hospitality
Axela Hospitality, LLC is a subsidiary of WexTrust Capital, LLC.
Headquartered in Bethesda, Md., Axela Hospitality specializes in the
development and management of high quality lodging assets. WexTrust
Capital is a globally diversified private equity and specialty finance
company with a proven track record for protecting its clients' assets and
delivering a superior return-on-investment through its diverse portfolio of
principal investments. WexTrust Capital specializes in unique investment
opportunities ranging from real estate to specialty finance and investment
banking. Headquartered in Chicago, the company also maintains offices in
New York, Norfolk, Va., Atlanta, Boca Raton, Fla., Nashville, Tenn., Tel
Aviv, Israel, and Johannesburg, South Africa. More information can be
found at www.wextrust.com.