The Blackstone Group sold a Westin Hotel in Itasca, Ill., for $27 million, approximately four years after taking it over through a larger distressed deal.
The New York-based private equity firm sold the 408-room Westin Chicago Northwest to Philadelphia-based GF Management, marking the hotel investment firm's entry into the Chicago market. Blackstone came to own the hotel at 400 Park Blvd. in 2010, after buying distressed mezzanine debt on a 14-hotel portfolio including the Westin and the Wyndham Chicago Downtown.
Blackstone already exited its investment in the downtown Wyndham, selling it for $88 million in 2012.
GF oversees more than 120 hotel entities with more than 20,000 guest rooms stretching from New Hampshire to California, according to its website.