German investor buys another asset in Chicago
Union Investment Real Estate GmbH has acquired a hotel in Chicago for its open-end real estate fund UniImmo: Europa for $315 million. The sellers were Angelo, Gordon & Co. and Oxford Hotels and Resorts, an affiliate of Oxford Capital.
Oxford Hotels and Resorts will manage the 452-room luxury lifestyle hotel, LondonHouse Chicago, which is located at the corner of North Michigan Avenue and Wacker Drive and is scheduled to open spring 2016.
“This second investment underscores our reputation as a reliable and attractive partner to the hotel industry at international level. It also opens up the prospect of further off-market transactions in the United States,” said Andreas Loecher, head of investment management – hotels at Union Investment, in a statement.
The property was fully refurbished between 2014 and 2016 by Oxford Capital and Angelo Gordon and features 452 hotel rooms on the third through 22nd floor of the London Guarantee &am