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CHICAGO—Carey Watermark Investors Incorporated, a New York-based REIT has completed their $139 million acquisition of the Renaissance Chicago Downtown Hotel, a 553-room hotel at 1 West Wacker Dr. just south of the Chicago River in downtown Chicago, from the Royal Bank of Scotland Group PLC.

Officials from the REIT say the purchase was financed with $90 million of debt, and that they will pour $27 million into renovations and “other acquisition-related costs.” Marriott International will continue to manage the hotel under a long-term management agreement, and retain Marriott’s reservation system and rewards program.

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