CHICAGO
Essex Hotel Owner, LLC, has obtained Chicago's historic Essex Inn-Michigan Avenue.
In the coming year, the Oxford Capital Group LLC-led venture will unveil plans to invest in and transform the downtown property, aiming to reposition the Essex Inn as an upscale lifestyle hotel. This will be Oxford's 11th hotel investment in the Chicago Market and Quadrum's second investment with Oxford in Chicago, the first being the Godfrey Chicago.
The hotel currently features 254 guest rooms including 23 suites, an all-season rooftop pool, fitness center, dry sauna, garden deck, meeting rooms and boardrooms covering about 4,000 square feet, a parking garage and a full-service restaurant with bar on the ground floor.
"We are strong believers in Chicago and the continued attractiveness of Michigan Ave. real estate," says John W. Rutledge, founder, president and CEO of Oxford Capital Group, LLC. "We look forward to transforming this already distinctive asset."
The terms of the sale were not disclosed at the time of publication.
