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Chicago’s second-largest hotel, the Palmer House Hilton, is on the market and could sell for as much as $575M. Owner Thor Equities hired Eastdil Secured to handle the sale of the hotel at 17 E Monroe St. Thor Equities tried to put the 1,639-room hotel up for sale a couple of years back, but refinanced its debt on the Palmer House for $420M last year and pocketed $55M in the process. Crain’s reports it’s a good time for Thor to explore a sale. A Bloomberg report last July appraised the Palmer House’s value at $560M. The hotel generated $126.4M in revenue last year and had $37.6M in new cash flow before debt payments. [Crain's]
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