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Blackstone takes ownership of Sofitel Chicago Water Tower

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Published on 15/11/12 - Updated on 17/03/22

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The Blackstone Group has confirmed that it will take over ownership of the Sofitel Chicago Water Tower, after voluntary forfeiture by the property’s owners.

The Sofitel Chicago Water Tower was owned by GEM Realty Capital Inc., Whitehall, and managed by Accor and Courcouronnes, France. According to the Wall Street Journal, the hotel was losing money under former ownership, cash flow down from a $13.4 million US in 2007 to $6.5 million US in 2011.Earlier this year, the Blackstone Group bought out $85 million US of the property’s debt. Instead of foreclosing, the property’s owners opted for forfeiture. Accor will continue managing the hotel.

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