The hotel on 20 acres at 3400 W. Euclid Ave. includes 60,000 sf of meeting space as well as 13,000 sf in an attached building used by Allstate Insurance Co. for training programs. It also includes four food and beverage outlets.

"Interest in the property was significant given the size of the asset and the value enhancement and development opportunities available," says Jones Lang LaSalle Hotels executive vice president Thomas Fisher, whose firm represented the sellers.

Sage Hospitality Resources is planning to spend $112 million to overhaul the 327-room Blackstone Hotel at 636 S. Michigan Ave., vacant since 1999, and is in line to receive $18 million in tax increment financing from the city. Other recent Downtown sales include the Westin Michigan Avenue for $137 million and the Embassy Suites River East, while the Hyatt Oak Brook and the Wyndham Drake have changed hands in the suburbs, notes Jones Lang LaSalle Hotels senior vice president Melinda McKay. "Investors recognize that Chicago is poised for significant growth in the coming years, which has resulted in strong competitive bids for our clients who are selling hotels in the Chicago market," she adds.