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Transactions - JULY 31, 2020

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Wanda Hotel sells 90% of Chicago project for $270m

by Andrea Zander

Wanda Hotel Development, a unit of Chinese billionaire Wang Jianlin’s Dalian Wanda Group, has agreed to sell its 90 percent stake in a $1 billion Chicago property project for $270 million to help cut debt.

The buyer was Magellan Development Group, which owned a 10 percent stake in the 1,191-foot-tall condominium and hotel project.

The project has been under construction for approximately four years. Once competed, Vista will become Chicago’s third tallest building. Vista Tower is part of Magellan’s 28-acre Lakeshore East development along the river and Lake Shore Drive.

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