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Hotel Capital Acquires Last Saleable Asset from Marriott’s Starwood Deal
Private equity firm Hotel Capital LLC has acquired the Tremont Chicago Hotel and Mike Ditka’s Steakhouse from seller Marriott International Inc. Terms were not disclosed; however, industry data show a $25.5-million sales price for the 122-key boutique hotel at 100 E. Chestnut St. in the River North neighborhood.
“This was a very special acquisition in many ways,” said Hotel Capital CEO Michael Collier. “To purchase a downtown Chicago hotel from Marriott in an irreplaceable location like this presented a once in a lifetime opportunity. It was only made available as a result of Marriott’s $13-billion Starwood Hotels acquisition in 2016, and this was the last property in North America Marriott had left to sell from that deal.”
The hotel will retain the Tremont name. The new ownership plans a multimillion-dollar renovation, which will include upgrades to the lobby, all-new guest bathrooms, restaurant renovations and general property improvements.
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- ◦Sale/Acquisition
