CHICAGO-The West is investing in the Midwest, as two California-based investors have purchased downtown Chicago hotels this week in separate deals. Aliso Viejo, CA-based Sunstone Hotel Investors is buying the 417-room Wyndham Chicago for $88.4 million to turn it into a Hyatt, and Los Angeles-based Lowe Enterprises, on behalf of an investment client, has purchased the 28-story Affinia.

Ken Cruse, president and CEO of Sunstone, said in the company’s first quarter report that lodging demand trends continue to improve and fundamentals are very positive. He announced that the company has purchased the Wyndham, at 633 N. St. Clair, with cash and by issuing $58.4 million in common shares directly to the Blackstone Group, the seller, at $10.71 per share.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.