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Chicago & Midwest  + Downtown  + Hospitality  |  February 15, 2024
Jasmine Kilman
By: Jasmine Kilman

Marriott International to Acquire Sheraton Grand Chicago for $500M

New York-based Tishman Realty has exercised its option to sell the 1,218-room Sheraton Grand Chicago to Marriott International for $500 million. The deal will have Marriott parting with $300 million for the hotel and $200 million for the land below the property.

The sale is the latest milestone in an ongoing legal battle between the two entities dating back to when Marriott acquired Starwood Hotels in 2016. In 2017, Tishman sued, alleging that the deal put a nearby Marriott property in unfair competition with the Sheraton. The option for Marriott to purchase the hotel at a later date was part of the settlement of that lawsuit.

Marriott currently operates the hotel located at 301 E North Water Street in the River North district. Tishman Realty was part of the development team that completed the hotel, which is one of the largest in Chicago, in 1992.

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.

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Marriott Tishman

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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