Pebblebrook Puts Hotel Chicago, Marina City Retail Up for Sale

The 354-key Hotel Chicago at 333 N. Dearborn St. and the retail and parking portions of the historic Marina City towers next door have been listed for sale, reported Crain’s Chicago Business. Both are owned by Bethesda, MD-based Pebblebrook Hotel Trust. 

There is no asking price for either of the properties, which could be sold together or separately, according to marketing materials from JLL. The Marina City portion includes 146,000 square feet of dining, entertainment and experiential retail venues and two 450-stall parking garages that serve the landmark towers.  

Crain’s reported that Pebblebrook hopes to cash out amid a big comeback for leisure travel to Chicago, but it’s facing high interest rates, an unsteady banking sector and a slow recovery in business travel. Aside from pre-negotiated sales of two newly built properties, the last big downtown hotel trades occurred more than a year ago, according to MSCI Real Assets. 

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