The seven-story hotel has 140 rooms, including 13 two-room suites. The hotel recently underwent a $2-million renovation. Equity Inns does not expect to perform other significant renovations, according to a released statement. Representatives from Equity Inns were out of town and not available for comment. "With the recent completion of an extensive renovation, the hotel is well positioned to continue to outperform its primary competition. Additionally, the purchase price represents an attractive discount to estimated replacement costs in the Chicago market," said Equity Inns president and chief executive officer Howard Silver in a released statement.

First Hospitality will continue to manage the hotel. The company also manages the Homewood Suites, in Chicago, which is owned by Equity Inns as well. The REIT currently owns 129 hotels with a total of more than 15,000 rooms in 35 states.