New York Based Stabilis Capital to Take Over Chicago Hotel

As several companies either shutter, file for bankruptcy or downsize, Chicago is bracing for the loss of about 600 jobs. But within this situation, Stabilis Capital is trying to keep the jobs at the hotel where it has recently claimed ownership.

The New York-based investor, Stabilis Capital Management, will be taking over ownership of the Inn of Chicago. The hotel foreclosed and was purchased by Stabilis.

In January, 2015 Stabilis took over ownership of Broad Street Commons, a 397-bed dormitory that serves the State University of New York, Plattsburgh campus.

Trunk Club, a company based in Chicago, is closing its Goose Island, Chicago, distribution center resulting in the loss of about 250 jobs. Trunk Club is owned by Nordstrom that ships hand-picked clothing and accessories to their customers.

David Barton Gym, an upscale health club in River North which counts celebrities among its members closed right before Christmas, leaving 57 people unemployed. The gym is owned and run by Club Ventures, which is liquidating and has already filed for Chapter 7 bankruptcy.

According to Elliot Mallen, a representative of the union that represents hotel workers, said he doubts there will be any actual layoffs at the hotel Stabilis is taking over. The workers should be able to retain their jobs as the Inn of Chicago’s ownership is transferred to Stabilis. And this is certainly good news for those in the area hoping to keep their jobs, as Stabilis Capital of New York is coming through for them.