Jones Lang LaSalle Hotels arranged the sale on behalf of the seller, the Teachers' Retirement System of the State of Illinois. The joint venture, CCC Hotel Partners LLC, purchased the 495-room hotel for an amount in the mid-$80 million range, sources tell GlobeSt.com.

The 26-story building will be renamed the Chicago City Centre Hotel & Sports Club. The rooms will be renovated in addition to "other return on investment capital projects," says Thomas Fisher, managing director of Jones Lang LaSalle Hotels.

More than 25 different groups toured the hotel. "It had a lot of interest," says Fisher. The hotel drew the attention of potential buyers because of its downtown location, the current hotel market and the fact that "management and brand were available," Fisher says. "Given the state of the Chicago lodging market which is very strong, they saw a big opportunity to invest."