CHICAGO-Sunstone Hotels Investors Inc. is continuing its buy up of properties near the Monopoly street that is Michigan Avenue. The Alisa Viejo, CA-based REIT, which bought the 417-room Wyndham Chicago (now a Hyatt) on 633 N. St. Clair two months ago, has purchased the 357-room Hilton Garden Inn Chicago Downtown/Magnificent Mile for $91.7 million.

Barcelo Crestline Corp., based in McLean, VA, reportedly purchased the Hilton, at 10 E. Grand Ave., in 2007 for about $100 million. Sunstone already owns the Embassy Suites across the street. Ken Cruse, Sunstone president and CEO, said in a statement that the trust will capitalize on synergies across its three-hotel portfolio near the Magnificent Mile “through coordinated revenue management and by combining operations management of the Hilton with our Embassy Suites.”

He said the purchase also fits in the trust’s strategy of value-add acquisitions. The Hilton is expected to outperform the average top 25 US lodging markets in future RevPAR growth, especially as Chicago’s McCormick Place convention center is reporting increased events planned in the next few years. Cruse also said that strengthening hospitality fundamentals are driving growth in the REIT’s portfolio “as evidenced by quarter-to-date comparable hotel RevPAR growth of 7.5% through June 15.”