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Navy Pier’s Only Hotel Goes on the Sale Block
A venture led by Chicago-based Maverick Hotels & Restaurants has hired Eastdil Secured to find a buyer for the 223-room Sable Hotel at Navy Pier, reported Crain’s Chicago Business. The sale will be a test of investors’ enthusiasm for Chicago’s strong summer of leisure travel and its prospects for a continued recovery.
There is no asking price for the listing, which includes the pier’s first-ever hotel and Offshore, the 36,000-square-foot rooftop venue above Navy Pier’s Festival Hall and adjacent to Sable, which is recognized by the Guinness Book of World Records as the planet’s largest rooftop bar.
However, Crain’s reported that sources familiar with the property said bids would have to exceed the project’s estimated $100-million construction cost for the sellers to strike a deal.
Downtown Chicago RevPAR averaged $204 in September, slightly higher than the $199 average in September 2019, according to hospitality data and analytics firm STR.
- ◦Sale/Acquisition
