Trending
Hilton Grand Vacations buying top of Mag Mile hotel for timeshare project
Firm will acquire the units in phases over the next few years for $55M
Hilton Grand Vacations is buying the top six floors of the DoubleTree Chicago Magnificent Mile and will turn the units into timeshares.
New York-based Related Fund Management is selling a quarter of the 26-story hotel to the Orlando-based company, according to Crain’s.
Related acquired the 500-key hotel at 300 East Ohio Street in April after foreclosing on the building in 2016. It will convert 122 of the rooms into 78 studio and one-bedroom timeshares that Hilton Grand Vacations will buy in phases for $54.5 million from 2019 to 2022, the companies said.
Cook County records show Related took out an $80 million mortgage on the hotel last month from CIBC.
Related’s acquisition of the building resolved a $92.1 million foreclosure suit against San Francisco-based Chartres Lodging Group, which failed to pay off the hotel’s debt when it came due in 2014, according to Crain’s.
Related Fund Management is a unit of New York-based Related Companies and an investor in Chicago-based Related Midwest.
Related Midwest is readying the One Bennett Park condo/apartment tower in Streeterville. It is also behind ambitious plans to build a new neighborhood on the South Branch of the Chicago River called The 78, a two-skyscraper project on the riverfront site of the ill-fated Chicago Spire project. The company also plans to overhaul the former Lathrop Homes public housing complex. [Crain’s] — John O’Brien