The agreement comes just two months after DHG's $532-million recapitalization of the Benjamin and Affinia Hotels portfolios. With the recapitalization, execs at the family-owned company revealed a new company mission to grow DHG's portfolio nationally through acquisitions, management contracts, joint ventures and investment partnerships. Plans include expanding core brands as well as leveraging its expertise to manage other branded and independent properties.

"The purchase of Fitzpatrick Chicago is a milestone in DHG's goal to build our portfolio nationally, and a perfect complement to the Affinia branded hotels in New York," Patrick Denihan, co-CEO of DHG said in a released statement. Company execs could not be reached for comment by press time.

DHG currently owns and operates six hotels in New York under the Benjamin and Affinia Hotels brands and manages several independent properties. Company execs say this most recent acquisition is "a major step towards Affinia's long-term goal to become a national brand with hotels in the top 25 US markets."