CHICAGO-A joint venture between two investment firms from New York has agreed to purchase the Congress Plaza Hotel, an 871-room hotel at 520 S. Michigan Ave., for $275 million and plans to convert the property into condos and retail space. The partnership between Halcyon Development and Aimcap is purchasing the 14-story hotel from a venture led by Albert Nasser Shayo.

The partnership selected Capital Real Estate Capital Markets to secure a $225-million financing for the acquisition. For the full story, go to Crain’s Chicago Business . News Hub is your link to relevant real estate and business stories from other local, regional and national publications.