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Arbor Lodging buys downtown Chicago hotel for $36M

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Arbor Lodging buys downtown Chicago hotel for $36M

Arbor Lodging Partners purchased a 352-room dual-branded hotel in downtown Chicago for about $36 million from a Driftwood Hospitality Management-led venture, Crain's Chicago Business reported, citing Cook County property records.

According to the report, the Chicago-based firm is planning a $7 million renovation at the 127-room Homewood Suites and 225-room Hampton Inn property at 160 E. Huron St.

The sale is part of a three-way split of the 40-story building, with the venture selling an approximately 93,000-square-foot medical office portion of the building to an MBRE Healthcare venture and the property's 225-space parking garage to Metro Park.