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John Pritzker, Wanxiang Buying $1B in Hotels

Chicago Hotel

John Pritzker is diving deeper into the hotel business. Pritzker's Geolo Capital and Wanxiang Group are investing $1B in US hotels. So far the JV has acquired $400M in properties and is seeking more in California, Texas and Illinois, Crain's reports. Pritzker's Commune Hotels & Resorts owns or manages 38 boutique hotels across the country. Pritzker said Wanxiang is a perfect partner as the group is interested in long-term holdings and has the capital to help seal deals. Chinese companies bought $4.4B in commercial real estate last year in the nation's six largest metropolitan markets. [Crain's]