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Investment Firm Snags Holiday Inn Across from Old Post Office
Hoping to ride the momentum created by the redevelopment of the Old Post Office, Chicago-based real estate investors LXG purchased the 145-key Holiday Inn & Suites hotel across the street at 506 W. Harrison St., Crain’s Chicago Business reported.
Although LXG declined to comment on the price, the firm said it raised more than $20 million from dozens of investors for the all-cash acquisition.
The deal ends a longstanding ownership battle over the five-story property, Crain’s reported. LXG also joins the mix of investors looking to capitalize on the thousands of workers expected to descend on the Old Post Office when the pandemic subsides.
“The day we get past COVID and things start kicking back up again, that area is going to be like the next West Loop,” said LXG Partner Sanjay Patel. “We’ve been eyeing that property for a long time, and finally had the opportunity to dive in.”
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