Kimpton Seeking Buyers For Hotel Palomar
Kimpton Hotels retained Eastdil Secured to sell the Hotel Palomar in River North. The 261-key hotel is the first major downtown hotel asset to hit the market in 2016.
Kimpton, the Teachers Retirement System of Illinois and the John Buck Co JV'd on the Palomar in 2010. The hotel was valued at $77M at the time, but rising sales prices for downtown hotels, particularly boutique properties, could see the Kimpton JV pocketing a tidy profit, according to Crain's.
The Palomar joins a crowded field of downtown hotels on the market. Thor Equities retained Eastdil last July to field buyers for the Palmer House Hilton. Public, Kinzie and Blackstone Hotels are also for sale. [Crain's]