Sunstone Hotel Investors has completed the sale of the 368-room Embassy Suites Chicago and the 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile.
The Chicago Hotels were sold for a combined gross sale price of $129.5 million, or $178,000 per key. The owners were not disclosed.
“We are pleased to announce the sale of these two hotels as it marks our exit from the Chicago market, which has been hindered by excess supply and an inability to drive meaningful rate and profitability growth,” said Bryan Giglia, CEO. “We expect to recycle the proceeds into higher growth and greater per-share NAV enhancing investments. With these sales, we have now largely completed our non-core disposition program and we are actively looking to grow the portfolio through the addition of Long-Term Relevant Real Estate.”
