Hotel Capital LLC, a private equity real estate investment firm, is excited to announce a direct equity investment and acquisition of The Tremont Chicago Hotel at Magnificent Mile located in Chicago, Illinois. The Tremont Chicago Hotel and Mike Ditka’s Steakhouse was acquired by Hotel Capital from seller Marriott International, Inc.
The Tremont Chicago Hotel is a 16-story, 122-room, boutique hotel and is located in the heart of the Gold Coast between the world-renowned Magnificent Mile and Rush Street. The hotel will retain The Tremont name and undergo a multi-million dollar renovation which will include upgrades to the lobby, all new guest bathrooms, restaurant renovations, and general property improvements.
The owner of Hotel Capital and CEO Michael Collier commented on the acquisition, “This was a very special acquisition in many ways. To purchase a downtown Chicago hotel from Marriott in an irreplaceable location like this presented a once in a lifetime opportunity. It was only made available as a result of Marriott’s $13 Billion Starwood Hotels acquisition in 2016 and this was the last property in North America Marriott had left to sell from that deal. It was also a tremendous benefit to work with many established business relationships all around in this transaction as we closed with a repeat lender, capital and business partners, attorneys, brokers, and Marriott as an existing Franchisor on some of our other hotels. Furthermore, to have the opportunity to partner with legendary Mike Ditka’s Steakhouse and their first-class operation and ownership team added significantly to the allure of this investment. It has been a life dream to someday own a hotel in CBD Chicago and now with many that I am proud to partner with we have accomplished that. Upon renovating the hotel we aim to lift it into the Independent Upscale Boutique Hotel category to fully take advantage of an amazing property in an amazing location.”