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Chicago

Marriott sells Tremont Chicago hotel off Magnificent Mile for $26M

The chain took over the hotel when it acquired Starwood Hotels in 2016

Tremont Chicago Hotel
Tremont Chicago Hotel

Marriott has sold the 135-key Tremont Chicago Hotel in River North for $26 million.

The buyer is listed as 45th Street Investments LLC, a Florida-registered limited liability corporation, according to Real Capital Analytics. The deal has not yet been recorded in Cook County records. Robert B. Payne Jr. of Little Elm, Texas, was listed as the managing member of the LLC when it was created in 2011. Reached by phone Monday, Payne said the LLC is indeed his but said he wasn’t involved in the hotel deal.

The 16-story hotel at 100 East Chestnut Street was built in 1928 and renovated in 1994, according to RCA data.

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CBRE brokered the deal, which works out to $189,000 per unit. A CBRE spokesperson did not immediately respond to a request for comment. Marriott also did not respond to a request for comment.

The hotel came under the Marriott umbrella after the chain acquired Starwood Hotels and Resorts for $13.6 billion in 2016.

According to Crain’s, the property was listed last year and marketed as a “redevelopment” opportunity and a possible teardown.

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