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Chicago & Midwest  + Downtown  + Hospitality  | 
Ace Hotel Chicago

Onni Group Nears Deal for Ace Hotel in Fulton Market

Vancouver, B.C.-based Onni Group is finalizing a deal to buy the Ace Hotel in the Fulton Market District for more than $63 million, Crain’s Chicago Business reported, citing sources familiar with the agreement. Onni is poised to buy the 159-room hotel at 311 N. Morgan St. from a venture led by Sterling Bay. 

Although Onni’s plans for the seven-story property are unclear, a letter sent Wednesday to local hotel investors and professionals by the Ace Hotel Group said Ace will no longer manage the property beginning Jan. 26, 2022. 

The deal would chart new territory in Chicago for Onni, which has been among the busiest developers in the city during the pandemic but hasn’t played in the local hotel market, Crain’s reported. It recently won city approval to develop Halsted Pointe, a massive apartment complex with more than 2,600 units at the southern tip of Goose Island. 

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About Paul Bubny

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).

  • ◦Sale/Acquisition