Northwestern Memorial Acquires Streeterville Hotel
Northwestern Memorial HealthCare has purchased one of the biggest hotels in Streeterville, acquiring the 419-key Hyatt Centric Chicago Magnificent Mile at 633 N. St. Clair St. for an undisclosed sum, reportedCrain’s Chicago Business. The 11-hospital system bought the building from a venture of Irvine, CA.-based Sunstone Hotel Investors.
The deal marks the first purchase of a traditional hotel by Northwestern. It expands the real estate footprint of the hospital system’s downtown campus and could eventually be converted or partially repositioned into different uses.
For now, the 23-year-old hotel “will provide patients and their families an option for convenient overnight accommodations while receiving care at Northwestern Medicine. It will also be an important asset for hosting conferences and events,” a Northwestern Memorial Hospital spokesman told Crain’s.
Sunstone is currently seeking to exit the Chicago market, Crain’s reported. It put all of its local properties up for sale last fall.
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).