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Downtown Chicago’s Landmark Drake Hotel Hits the Market for First Time
JLL has been retained to market for sale the Drake Hotel in Downtown Chicago, which the firm says offers a once-in-a-generation opportunity to redevelop one of Chicago’s most recognizable landmarks. This is the first time in more than 100 years that the controlling fee simple interest in the 535-key property has been offered for sale.
The property is owned by four separate entities subject to a tenant in common (TIC) ownership agreement. JLL’s Hotels & Hospitality and Capital Markets groups are representing the two majority TIC members which, combined, own a 90% fee-simple interest.
The Drake Hotel is being offered unencumbered of brand and management, offering maximum flexibility to reposition the property, says JLL. The JLL Hotels & Hospitality and Capital Markets team representing the seller is being led by Adam McGaughy, Jeff Bramson, Danny Kaufman; John Nugent, Mark Stern, Amy Sands, Tom Kirschbraun; and Mark Jindra.
- ◦Sale/Acquisition
