Posted 5/7/2012 - 12:41:08 AM
CHICAGO–Sunstone Hotel Investors plans to acquire the 417-room Wyndham Chicago here for $88.4 million or $212,000 per key.
Selling the Wyndham is an affiliate of the Blackstone Group, the New York-based private equity firm. Sunstone plans to rebrand the hotel as the Hyatt Chicago Magnificent Mile and operate it as a Hyatt franchise under a long-term franchise agreement. Sunstone also plans an extensive renovation of the property.