CHICAGO-Ashford Hospitality Prime, Inc., New York, says it has completed the previously-announced acquisition of the 415-room Sofitel Chicago Water Tower for a total consideration of $153 million ($369,000 per key). The luxury hotel will continue to be managed by Sofitel (Accor SA).

"Aside from being our first acquisition since the spin-off from Ashford Trust, the purchase of the Sofitel Chicago Water Tower is an extremely attractive transaction for Ashford Prime," said Monty J. Bennett, Ashford Prime's Chairman and Chief Executive Officer. "We have gained a high RevPAR, luxury hotel in the heart of Chicago; a key U.S. gateway market. Additionally, the hotel will increase Prime's overall average RevPAR and broaden our portfolio by market, brand and manager. We are very pleased with this acquisition and will look for comparable acquisition characteristics as we seek to expand the Ashford Prime portfolio."

Located in the desirable Gold Coast submarket of Chicago, just minutes from the exclusive shopping of the Magnificent Mile, the Sofitel Chicago Water Tower has 415 rooms, including 32 suites and one presidential suite, all featuring Sofitel's luxurious feathertop and duvet sleep system - SoBed. The hotel has more than 10,000 square feet of meeting space including a 4,592-square-foot ballroom, eight meeting rooms and a private dining room with open kitchen. Additionally, the hotel is home to one of Chicago's finest restaurants - Cafe des Architectes. This luxurious, downtown Chicago hotel is an architectural icon, designed by French architect Jean-Paul Viguier. The hotel is a 32-floor prism of glass featuring stunning views of Lake Michigan and the Chicago skyline. Its spectacular design has garnered the honor of being on the American Institute of Architects list of America's Favorite Architecture.