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Walton, AJ Capital Close on Sutton Hotel

CHICAGO-The sale price by Chicago Grande Inc. was not disclosed, though a $73 million deal with Cornerstone for the 22-story Gold Coast hotel fell apart in early summer.

By Robert Carr | Updated on December 22, 2011

CHICAGO-One out of three spring hotel deals in Chicago has finally closed, reflecting the cool-off of what was a frothy hospitality market downtown around April. A joint venture of locally based Walton Street Capital LLC and AJ Capital Partners has purchased the 246-unit Sutton Place Hotel in the Gold Coast neighborhood for less than $70 million.

The hotel was built in 1988 and sold by Hong Kong-based owner Christopher Ho Wing On, who has owned the property since 1995. The hotel includes a bar and restaurant, 7,160-square-foot of meeting space and a fitness center.

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