CHICAGO
Denver-based Sage Hospitality hired a broker to sell the 332-room Renaissance Blackstone Chicago Hotel, which is listed on the National Register of Historic Places. Analysts estimated the property could see bids of up to $165 million, though the hotel’s location away from the center of downtown may lower the selling price.
The Blackstone Hotel was last renovated about a decade ago, when Sage Hospitality spent $112 million to upgrade the property. The hotel features 11,400 square feet of total meeting space.
Chicago has seen a number of hotels hit the market recently, with the Palmer House Hilton, Hotel Lincoln, Thompson Chicago, Tremont Chicago, Hotel Indigo and Kinzie Hotel all for sale.
