The Village works closely with property owners to attract hotel development to spur job creation and local investment. As part of our market research efforts to promote best fit investment for available site and while working closely with available site representatives, we determined that hotel sector demand nationally is outpacing supply growth. According to Smith Travel Research, growth in room demand year-to-date is up 2.3% compared with supply growth of only 0.8%.
To capitalize on this opportunity, the Village initiated a Hospitality Market Study with Hospitality Marketers International (HMI) to identify if market area demand potential would support such investment on sites available in the Village. This study offers third party validation that available Lake in the Hills sites are viable locations when trying to attract investors looking for sites with strong market potential.
Since the study was completed, there has been strong interest from national hotel brands for the sites identified as viable to develop a hotel and banquet facility in Lake in the Hills. Such invest could provide long-term financial benefits for the community and existing businesses. There is also potential for a 10,000-12,000 square foot banquet venue to support local weddings, special events, and business events.
The attached concept plan prepared by the property owners of the five acres just north of the former Dominick’s depicts such development potential and any investment interests are encouraged to contact the property ownership and development representative, Joe Billitteri at 847-833-5004 or Dan Olson, Economic Development representative for the Village, at 847-960-7440 for more details about this and other investment opportunities in Lake in the Hills.