Sofitel Chicago Water Tower Brings $153M

CHICAGO-Ashford Hospitality Prime, Inc., New York, says it has completed the previously-announced acquisition of the 415-room Sofitel Chicago Water Tower for a total consideration of $153 million ($369,000 per key). The luxury hotel will continue to be managed by Sofitel (Accor SA).

“Aside from being our first acquisition since the spin-off from Ashford Trust, the purchase of the Sofitel Chicago Water Tower is an extremely attractive transaction for Ashford Prime,” said Monty J. Bennett, Ashford Prime’s Chairman and Chief Executive Officer.  “We have gained a high RevPAR, luxury hotel in the heart of Chicago; a key U.S. gateway market.  Additionally, the hotel will increase Prime’s overall average RevPAR and broaden our portfolio by market, brand and manager.  We are very pleased with this acquisition and will look for comparable acquisition characteristics as we seek to expand the Ashford Prime portfolio.”