Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Ambassador Hotel in Gold Coast on the Market; May Sell at a Loss
A venture of Hong Kong-based Gaw Capital Partners has hired hotel real estate brokerage RobertDouglas to sell the 285-key Ambassador Hotel at 1301 N. State Pkwy. in Gold Coast, reported Crain’s Chicago Business.
Although no asking price is listed for the 17-story property, sources familiar with the listing said Gaw may have a difficult time getting bids that exceed the $38.5 million-mortgage it borrowed against the property in 2019.
Gaw Capital acquired the property for $61.5 million from a venture of hotelier Ian Schrager in 2016. Shortly before the onset of the pandemic in March 2020, Gaw announced a plan to further renovate the property. The hotel then closed for nearly a year amid the pandemic.
Now RobertDouglas is marketing the hotel as an opportunity to either capitalize on the renovations to the property over the past decade and continue operating it as a hotel, or potentially redevelop it.
- ◦Sale/Acquisition
