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Chicago & Midwest  + Downtown  + Hospitality  | 

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.

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Read more at Crain’s Chicago

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale