CHICAGO-Hospitality Properties Trust has confirmed that it has bought Hotel 71, a 437-room property at 71 E. Wacker Drive, for $85 million. The Newton, Massachusetts-based REIT has plans to spend $18 million to renovate and rebrand the hotel as the Wyndham Grand Chicago Riverfront.
The REIT acquired the hotel from a fund controlled by Canyon Capital Realty Advisors of Los Angeles. The hotel will have 48 vacation units and 348 hotel rooms after the renovation. For the full story, go to Crain's Chicago Business .
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