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Sterling Bay, Conlon Buying Talbott Hotel for $50M

Chicago Hotel

A JV of Sterling Bay and Conlon are buying The Talbott Hotel in the Gold Coast for $50M. The 16-story, 149-room hotel at 20 E Delaware Place has been owned by the Kromelow family for 50 years, and the deal is another sign Sterling Bay is putting some skin into the hotel market. Principal Matt Menna said Conlon's Sean Conlon proposed the JV, Crain's reports. The deal is expected to be completed by the end of September. Sterling Bay is building a 160-room Ace Hotel in Fulton Market near 1K Fulton; demolition begins in two months. [Crain's]