CHICAGO-Tishman Realty & Construction Co. has decided to sell the Westin Chicago River North at 320 N. Dearborn St. for about $165 million. The 424-room hotel is being sold at about $389,000 per room to Host Hotels & Resorts Inc.
Host Hotels is a Maryland-based hotel REIT, which already has six properties in the Chicago area. Tishman Realty had bought the hotel 10 years ago for $120 million, which marks a 37% increase in this sale. For the full story, go to Crain's New York Business.
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