Hilton Grand Vacations (HGV) has signed a purchase-sale agreement with Related Fund Management and The Chartres Lodging Group to buy the top six floors of the 26-story DoubleTree by Hilton Hotel Chicago – Magnificent Mile.
This will be HGV’s first location in Chicago.
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Hilton Grand Vacations president and CEO Mark Wang said: “Chicago is a great new market for HGV. It’s a prime destination for dining, shopping, theater, sports and entertainment, and our project is in an A+ location in a property undergoing a complete renovation.
“This project perfectly sums up our growth and investment strategy: new market, expanded customer access, bite-sized investment, capital-efficient deal structure and high returns.”
The DoubleTree by Hilton Hotel Chicago is located between the Magnificent Mile and Navy Pier and near Millennium Park, Grant Park and Chicago Theater.
The hotel has outdoor, seasonal pool and patio, fitness centre, business centre, and on-site bar and restaurant.
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By GlobalDataThe present property owner will renovate and transform 122 of the current 500 hotel rooms into 78 studio and one-bedroom units, as per HGV’s brand standards.
HGV will buy the inventory in phases, expected to begin in the second quarter of next year.
These renovations are slated to commence in the fourth quarter of 2018.
Sales are expected to commence in on-site sales centre in the second quarter of 2019.
Based in Orlando, Florida. HGV develops, markets and operates resorts in select vacation destinations.
