Quote of the day: hotel condos a risky investment

“From a personal standpoint, I just can’t understand the economic justification for buying a hotel room that’s gonna lose money. . .We like the amenity of having a hotel in the condo tower, and we’ve looked at lots of them and have been involved in some, but in the long term, I think that solution’s not going to last forever.”

Dan McLean, president and CEO of MCL Companies, who spoke yesterday at a luncheon for the Young Real Estate Professionals of Chicago. We’ll post a video with his full speech next week.

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