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Chicago & Midwest  + Downtown  + Hospitality  | 
Gaw Capital has put its Hotel Ambassador Chicago up for sale

Ambassador Hotel in Gold Coast on the Market; May Sell at a Loss

A venture of Hong Kong-based Gaw Capital Partners has hired hotel real estate brokerage RobertDouglas to sell the 285-key Ambassador Hotel at 1301 N. State Pkwy. in Gold Coast, reported Crain’s Chicago Business.

Although no asking price is listed for the 17-story property, sources familiar with the listing said Gaw may have a difficult time getting bids that exceed the $38.5 million-mortgage it borrowed against the property in 2019. 

Gaw Capital acquired the property for $61.5 million from a venture of hotelier Ian Schrager in 2016. Shortly before the onset of the pandemic in March 2020, Gaw announced a plan to further renovate the property. The hotel then closed for nearly a year amid the pandemic. 

Now RobertDouglas is marketing the hotel as an opportunity to either capitalize on the renovations to the property over the past decade and continue operating it as a hotel, or potentially redevelop it. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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/Acquisition