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Blackstone Acquires Sofitel Chicago

Monday November 19th, 2012 - 12:08AM

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.