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AJ Capital Partners and Shapack Partners is looking to cash out fast and big on one of the West Loop's highest-profile adaptive reuse projects. The JV hired JLL to court bidders for Soho House Chicago at 113-125 N Green St.
Soho House was delivered in 2014, just as Chicago's hotel market went supernova and capital flowed to developments in the West Loop and Fulton Market. The buyer will most likely set a record per room price for a Chicago hotel sale, Crain's reports. Soho House bids are expected to reach $125M. That would break down to over $3M/room.
Another attraction for bidders: Soho House is locked into a long-term lease on the hotel through 2034, meaning the new owner will have a guaranteed revenue stream. That lease includes guaranteed rent escalations and four 10-year renewal options held by Soho House. [Crain's]
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