Ashford Hospitality Prime revealed on Tuesday that it plans to buy the 415-room Sofitel Chicago Water Tower for US$153 million from The Blackstone Group.
The sale is expected to close in the first quarter. The Blackstone Group, New York City, bought the US$85 million in defaulted debt for the hotel in November 2012 from the hotel’s owners GEM Realty Capital Inc., Whitehall and the hotel’s management company Accor, Courcouronnes, France.
Ashford Hospitality Prime, Dallas, commenced on Wednesday an underwritten public offering of eight million shares of common stock to fund the acquisition.
