Oxford Capital paid $70.9 million for the Thompson Chicago hotel, The Real Deal has learned.
The transaction, one of the largest hotel deals in Chicago this year, was announced earlier this month but the price was not previously disclosed.
Oxford just landed a $53.2 million acquisition loan on the 247-key hotel from Macquarie Capital, Cook County records show.
With the acquisition, Oxford now owns nine hotels in the city and 2,160 rooms. Other properties include the Godfrey Hotel and the Le Meridien Essex Chicago. Oxford will manage the Thompson through a subsidiary called Oxford Hotels & Resorts.
The Thompson’s ground-floor space, which now has the restaurant Nico Osteria, will be revamped.
Oxford did not respond to requests for comment. In all, the company operates more than 15,000 hotel rooms in its entire portfolio.
The sale comes as Chicago’s hotel market trudges back slowly. The occupancy rate in the city was at 60.2 percent during the first week of August, According to data firm STR. That’s below the national average of 68 percent but a vast improvement on its 25.3 percent occupancy from the same time last year.
Recent hotel deals in the city include John Murphy’s $23 million acquisition of the Holiday Inn Chicago Mart Plaza and Texas firm Mid Continent Hospitality’s $13 million purchase of the Crowne Plaza Hotel Chicago. This month, the 535-key Drake Hotel hit the market, with the Brasher family and Acore Capital eyeing $250 million for the century-old property.