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Sunstone Buys Interest in Another Chicago Hotel for $92M

CHICAGO-The California-based firm, which is reporting RevPAR growth of 7.5%, has agreed to acquire the fee-simple interest in the 357-room Hilton Garden Inn near the Mag Mile.

By Robert Carr | Updated on June 20, 2012

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.”

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