Downtown Chicago’s Historic Blackstone Hotel Goes Up for Sale
In one of the largest local hotel listings since the start of the pandemic, a joint venture of New York-based Fundamental Advisors and Denver-based Sage Hospitality Group hired the Chicago office of brokerage Hodges Ward Elliott to sell the historic Blackstone Hotel at 636 S. Michigan Ave., Crain’s Chicago Business reported.
The asking price isn’t clear for the 22-story property across the street from Grant Park. However, Crain’s Chicago reported that the move to sell comes more than a year into a crisis that has devastated hotel values and cast a harsh light on a downtown hotel market that may take years to return to pre-pandemic performance levels.
While that backdrop makes it look like a tough time to sell, Fundamental and Sage are facing a deadline: A $52-million loan tied to the 335-key property matures June 1, Crain’s reported.
- ◦Sale