Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Mansueto Cuts Deal to Buy Chicago Waldorf at Bargain Price
Morningstar founder Joe Mansueto is acquiring the Waldorf Astoria Chicago hotel for a fraction of the $111.9 million paid for the 60-story lodging property in 2015, Crain’s Chicago Business reported.
Mansueto has a deal to pay around $54 million to buy the property from a debt fund controlled by Walton Street Capital, which took ownership last year through a deed-in-lieu of foreclosure.
Walton Street, which co-owns the Thompson Chicago hotel nearby, sought to stabilize the Waldorf by revamping operations to capitalize on several years of record-setting tourism in Chicago, Crain’s reported. The COVID-19 pandemic scuttled those plans.
Now the fund is poised to unload the Waldorf in a deal that would not only wipe out all of its equity in the property but also roughly 20% of a $67-million senior loan on the building owned by Wells Fargo, reported Crain’s, citing public records.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
