CHICAGO-Thayer Lodging Group, a hotel investor based in Annapolis, Maryland, has reached a contract to buy the Westin O'Hare, a 525-room hotel in Rosemont, from a loan servicer. The people familiar with the deal estimated that the property could fetch below $50 million.
The loan servicer seized the hotel in 2010 after Dallas-based Ashford Hospitality Trust Inc., the prior owner, failed to pay a $101-million loan. Ashford Hospitality Trust bought the property for $125 million in 2006. For the full story, go to Crain's Chicago Business .
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