CHICAGO—Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corp. has entered into an agreement to purchase the 556-room InterContinental Chicago O'Hare Hotel at 5300 N. River Rd. in suburban Rosemont. Company officials say they expect the acquisition to close in late July.
Loews will then have two hotels in the Chicago area and three in the Midwest. As reported in GlobeSt.com, in June Loews entered into an agreement to purchase the Graves 601 Hotel in Minneapolis. And Loews Chicago, a new 400-room downtown hotel, will debut in February 2015. Loews plans to acquire other hotels over the next few years and continues to scout properties in gateway cities and resort destinations.
“The Midwest is an area where we were looking to increase our presence,” says Jonathan Tisch, the company chairman. “Adding the Loews Chicago O'Hare to our portfolio allows us to offer two Loews experiences in the Chicago area, one in the booming area of Rosemont and one downtown.”
Located less than two miles from O'Hare Airport and just 13 miles from downtown Chicago, the InterContinental is across the street from the Donald E. Stephens Convention Center, adjacent to the newly opened Fashion Outlets of Chicago. The hotel features three restaurants and bars, more than 53,000-square-feet of meeting and event space, and an art gallery.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
