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Transactions - JUNE 10, 2015

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Chicago’s second-largest hotel put up for sale

by Andrea Waitrovich

The historic, luxury 1,639-room Palmer House hotel in Chicago has been put on the market by owner Thor Equities and could fetch $575 million.

The hotel is the second-largest hotel in the city after the 2,019-room Hyatt Regency Chicago on Wacker Drive. It recently had its name changed to Palmer House – A Hilton Hotel.

Thor initially placed the 23-story hotel on the market in 2013, eight years after buying it for $233.8 million and investing $170 million in redevelopment plans. In August 2014, Thor refinanced a $260 million first mortgage.

The Palmer House's appraised value was $560 million as of July 2014, according to a Crain’s Chicago Business article — an increase from $436 million in July 2012.

Among the most famous hotels in the world, the Palmer House was built by wealthy entr

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