Publications

Transactions

To read this full article you need to be subscribed to Newsline.

Start Your Free Trial Now View Purchase Options

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?