285-Room Public Chicago Hotel Sells for $60M

Ian Schrager sold the 285-key Public Chicago Hotel for $60 million to Hong Kong-headquartered Gaw Capital Partners. The buyer acquired the property in partnership with Chicago developer Shapeck Partners.

The sales price of $210,000 per room is about the same amount that Schrager spent buying and renovating the former Ambassador East Hotel and well-known restaurant, the Pump Room. Media sources suggest that Schrager had hoped to sell the hotel at 1301 N. State Pkwy. for as much as $86 million. The hotel’s location, on a quiet street in the Gold Coast, might have worked against the property, however.

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