Vedara Ventures is pleased to announce the successful disposition of the former Holiday Inn / Grand Royal Hotel property located at 1000 Busse Road in Elk Grove Village.

Originally acquired in 2022, the property was Vedara Ventures’ first hotel acquisition and marked the beginning of the company’s hospitality investment platform. Since that time, Vedara Ventures has continued to expand its portfolio and today owns more than 20 assets across hospitality, automotive, and commercial real estate.

Following a multi-year ownership period, the property has now been sold to the Village of Elk Grove Village for $11.3 million as part of the village’s broader redevelopment initiative for the Busse Road corridor.

“This property will always have a special place in our story because it was our first hotel acquisition,” said Kush Patel, CEO of Vedara Ventures. “When we acquired it in 2022, we saw an opportunity in both the location and the long-term potential of the asset. It helped launch our hospitality platform and played an important role in the growth of Vedara Ventures. We are proud to have reached an outcome that benefits both our company and the Village of Elk Grove Village.”

The 4.25-acre site, formerly operated as the Holiday Inn and more recently as the Grand Royal Hotel O’Hare-Chicago, is expected to be redeveloped by the village following its acquisition. The transaction represents another successful exit for Vedara Ventures and reinforces the company’s strategy of identifying underutilized assets, creating value, and positioning properties for their next chapter.