Blackstone sells Illinois Westin for $27M

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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

GF oversees more than 120 hotel entities with more than 20,000 guest rooms stretching from New Hampshire to California, according to its website.

Suggested Articles

During the series’ first installment, AAHOA focused on the impact COVID-19 is having on the industry and what AAHOA is doing to help.

Chatham Lodging Trust, Park Hotels & Resorts and Summit Hotel Properties recently offered updates on how they are responding to the pandemic.

STR and Tourism Economics project revenue per available room will rise 63.1 percent in 2021.