Three More Hotels Now on the Market
The owners of three Chicago hotels have placed their properties for sale, hoping to capitalize on skyrocketing prices for hospitality assets. The Tremont Chicago Hotel, Kinzie Hotel and Hotel Indigo are all on the market and join a crowded field of other hotels for sale. CBRE was retained to sell the Tremont and Kinzie hotels, while JLL will entertain bids for the Indigo. While Starwood, which owns the Tremont, and the JV ownership of the Kinzie led by Peter Dumon are seeking max returns on their investments, Hotel Indigo owner LNR Partners seems to simply want the asset off its books. It seized the 165-room hotel at 1244 N Dearborn out of foreclosure three years ago and it was appraised at $18.8M last July. Other hotels on the market include the Thompson Chicago, the Palmer House and the Hotel Lincoln. [Crain's]
