Investments
Transactions

plus

Blackstone takes ownership of Chicago Sofitel

1 min reading time

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

Add

Blackstone Group has confirmed that it agreed to take over ownership of the 415-room Sofitel Chicago Water Tower via voluntary forfeiture.

The past hotel’s owners included GEM Realty Capital Inc., Whitehall and the hotel’s management company Accor. Faced with a delinquent mortgage, the group opted for forfeiture rather than foreclosure after Blackstone bought US$85 million of the property’s debt earlier this year.The Wall Street Journal reported that according to loan data from Morningstar Credit Ratings, the hotel’s cash flow was US$6.5 million in 2011, down from US$13.4 million in 2007.Accor separately confirmed that it will remain the hotel’s management company under the Sofitel brand.

Accor
Add

Accor

Hotel Group

  • Accor France
  • Offres d'emplois 63 currents job offers
SEE THE NOTE
Sofitel
Add

Sofitel

Chaîne hôtelière

  • Sofitel France
  • Offres d'emplois 1 current job offer
SEE THE NOTE
For further

Every week, the HON team brings you an expert look at the world of hospitality. By becoming a member, you will have access to a complete ecosystem: exclusive content, jobs, etc.

BECOME A MEMBER

Sign up to add topics in favorite. Sign up to add categories in favorite. Sign up to add content in favorite. Register for free to vote for the application.

Already signed up? Already signed up? Already signed up? Already registered?