Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Sale/Acquisition
