The Blackstone hotel in Chicago put up for sale

The owner of the historic Renaissance Blackstone Hotel, Denver-based Sage Hospitality,  hired a broker to sell the 332-room property.

The hotel could fetch $165 million, or about $497,000 a room. However, those familiar with the property doubt a buyer will pay that much. By comparison, the owner of another downtown hotel that's on the market, Palmer House Hilton, in the Loop, is aiming to sell it for $575 million, or $350,000 a room.

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Sage declined to comment. The developer, which oversaw a $112 million renovation of the hotel about 10 years ago, hired New York-based Eastdil Secured to sell the property. Stephen Livaditis, a Chicago-based senior managing director at Eastdil, did not return a call.

The Blackstone, which opened in 1910, is listed on the National Register of Historic Places. It was known as the “Hotel of Presidents” because a dozen U.S. presidents have stayed there, including Teddy Roosevelt and Jimmy Carter, according to the hotel's website.