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Chicago & Midwest  + Downtown  + Hospitality  | 
Hotel Audrey 166 E. Superior St. Chicago

Streeterville Hotel Sells to Marc Realty Venture

A venture controlled by Marc Realty VP Gerald Nudo acquired a 216-room hotel at 166 E. Superior St. in downtown Chicago’s Streeterville neighborhood, Crain’s Chicago Business reported.  The venture paid close to $24 million for the property, formerly the Cambria Chicago Magnificent Mile and now known as Hotel Audrey, from a venture managed by Petaluma, CA-based Fillmore Capital Partners.  

At slightly over $100,000 per key, the sale price reflects a disparity in what downtown hotels are worth, Crain’s reported. Onni Group is poised to pay nearly $400,000 per key for the Ace Hotel in Fulton Market. 

Now the 28-story Audrey could become something very different, based on the track record of its new ownership. Nudo and Marc Realty are better known as investors in residential, office and retail properties in Chicago, not hotels, according to Crain’s. Given the resurgence of the downtown apartment market, conversion to residential is a possibility. 

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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