West Coast Firms Buy, Re-Brand Chicago Hotels

CHICAGO-The West is investing in the Midwest, as two California-based investors have purchased downtown Chicago hotels this week in separate deals. Aliso Viejo, CA-based Sunstone Hotel Investors is buying the 417-room Wyndham Chicago for $88.4 million to turn it into a Hyatt, and Los Angeles-based Lowe Enterprises, on behalf of an investment client, has purchased the 28-story Affinia.

Ken Cruse, president and CEO of Sunstone, said in the company’s first quarter report that lodging demand trends continue to improve and fundamentals are very positive. He announced that the company has purchased the Wyndham, at 633 N. St. Clair, with cash and by issuing $58.4 million in common shares directly to the Blackstone Group, the seller, at $10.71 per share.