Monday March 4th, 2013 - 8:25AM
CHICAGO–Having acquired Hotel 71 here in November, Hospitality Properties Trust plans to convert it to the Wyndham Grand Chicago Waterfront.
HPT acquired the hotel for $85 million and has agreed to invest an additional $18 million for the rebranding and renovations. Upon completion of the upgrades, the hotel, which faces the Chicago River, will consist of 348 hotel rooms managed by Wyndham Hotels & Resorts and 48 vacation units leased to Wyndham Vacation Resorts, Wyndham Hotels & Resorts' sister company.
A REIT based in Newton, MA, HPT owns or leases 289 hotels and 185 travel centers in 44 states, Puerto Rico and Canada.