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HPT Acquires Chicago’s Hotel 71

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Published on 01/10/12 - Updated on 17/03/22

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Real estate investment trust Hospitality Properties Trust (HPT) has bought the Hotel 71 in downtown Chicago for an undisclosed sum.

The hotel was previously owned by Los Angeles-based Capital Realty Advisors who acquired the property in December 2009 for $34 million. Its value is now estimated at $200,000, although the price paid by HPT has not been revealed. The property underwent a $15 million dollar renovation in early 2011.HPT owns 475 properties in North America, including three properties in Chicago: the Residence Inn Chicago Downtown/Magnificent Mile, Country Inn & Suites Naperville and Courtyard Chicago Arlington Heights/South. The REIT is reportedly also planning for Wyndham Worldwide to take over management of the property, which comprises 437 rooms.

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