Blackstone Acquires Sofitel Chicago
Monday November 19th, 2012 - 12:08AM
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CHICAGO–Affiliates of the Blackstone Group have acquired the financially troubled Sofitel Hotel here.
The 415-room hotel has been in default on its mortgage and was facing foreclosure procedures. In a previous step to take control of the property, New York-based Blackstone had bought part of the debt on the hotel for $85 million this year. Blackstone intends to retain the Sofitel brand on the property and keep Paris-based Accor as manager.
Tags: Hospitality Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.