Tall & Urban News
Luxury Hotel Sale in Chicago Proceeds
The St. Regis hotel in Chicago has been sold for US$134 million. This makes it one of the city's biggest hotel sales in years. The buyer is a joint venture between Miami-based Gencom and Denver-based GD Holdings and acquired the loan for the acquisition from Varde Partners in a deal aranged by JLL. The seller is developer Magenllan Development Group. The hotel has about 192 rooms.
The hotel portion occupies the first 11 stories of 101-story building at 363 East Wacker Drive. Chicago has seen a high increase in occupancy as affects of the pandemic linger.
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