Strategic Hotels & Resorts has signed an agreement to acquire the remaining 49% interest in the InterContinental Chicago hotel for $288.3m.

The interest is owned by the hotel’s joint venture partner, an affiliate of the Government of Singapore Investment Corporation.

The 792-room InterContinental Chicago spreads across a 42-storey historic tower and a 26-storey main tower, and features 3,901m² of function space, including six ballrooms and 30 meeting rooms.

The transaction is expected to close this quarter.