Sage Hospitality Puts Blackstone Hotel for Sale
Meet the latest hotel for sale in Chicago: the historic Blackstone Hotel. Owner Sage Hospitality has retained Eastdil Secured to entertain buyers for the landmark 332-room hotel at 636 S Michigan.
Sage completed a $112M renovation of the 115-year-old hotel a decade ago. The Blackstone's history (it's listed on the National Register of Historic Places) and proximity to both Millennium Park and the South Loop are seen as selling points. But the Blackstone isn't in the heart of downtown, which could keep bids low. Analysts estimate it could fetch up to $165M, or $497k per room.
The Blackstone joins the Palmer House Hilton, Hotel Lincoln, Thompson Chicago Hotel, the Tremont Chicago Hotel, Hotel Indigo, and the Kinzie Hotel in what is becoming a crowded seller's market full of deals. [Crain's]