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Chicago & Midwest  + Downtown  + Hospitality  | 

Owners of Chicago’s Blackstone Hotel Try Again on the Sales Market

A joint venture of New York-based Fundamental Advisors and Denver-based Sage Hospitality Group has hired the Chicago office of JLL to sell the 335-key Blackstone Hotel at 636 S. Michigan Ave., reported Crain’s Chicago Business. Although there’s no asking price, sources told Crain’s they expect bids for the 22-story landmark to come in between $55 million and $60 million. 

The move comes roughly a year and a half after the owners first put the property on the market. That sales effort proved unsuccessful as the COVID-19 pandemic trounced travel demand with no indication of when it would rebound. 

Fundamental and Sage had refinanced the property in 2019 with a $52-million loan from Apollo Commercial Real Estate Finance, and sought a buyer last year as the mortgage’s June 2021 maturity date approached. Sources told Crain’s the property’s owners were able to modify terms of the loan to extend the maturity date. 


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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 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