Chicago's Hotel 71 to be Sold and Eventually Managed By Wyndham
Didn’t we go on and brag about how you could live it up like Bruce Wayne at Hotel 71 in Chicago, and now has the hotel gone and been sold? Yep, Hotel 71 is set to be purchased by Hospitality Properties Trust with plans for Wyndham Worldwide to manage it. The hotel underwent a $15 million dollar renovation back in early 2011 which lifted the face of the lobby and rooms.
Since opening, it's had an unfortunate round of luck that started with an owner (Robert Falor) and his dream-turned-nightmare of a condo hotel plan. Defaulting on over $125 million in debt, the hotel was then sold to Canyon Capital Reality Advisors back in 2009 for $34 million. The official word isn’t out yet on what HPT is now paying to aquire Hotel 71, but one insider estimated about $87 million.
Ask us and we’ll tell you that sounds like a fair price for the 437-room Hotel 71. In fact, we consider it a bit of an overlooked gem. It may not have a spa, pool or incredible Chicago restaurant, but the rooms are huge, the on-river location is fantastic, and the river views are even better. This hotel has serious potential and the right hands—hint hint, Mr. Wyndham—the hotel could rise to much higher ranks. It’s definitely sitting in the right playing field across from Trump International Hotel & Tower Chicago and the new European-branded Langham set to open in May 2013.
Stay tuned and we'll keep you posted as the deal becomes finalized.
Photos: Nina Kokotas Hahn/HotelChatter