The La Quinta Inn & Suites by Wyndham Downtown Chicago—an upper-midscale select-service hotel in Chicago’s Loop—has been sold in a deal brokered by Alchemy.
New York-based Alchemy represented the seller—a global real estate investment and hospitality management company—in the transaction. The buyer is a Chicago-based private hotel investment firm that plans to self-manage the property. The 239-room hotel will continue operating under the La Quinta Inn & Suites by Wyndham flag. The new ownership group also plans to undertake a property improvement program.
The hotel is located at the intersection of Franklin and Madison streets near the Washington/Wells CTA station and within walking distance of the West Loop, Fulton Market, Navy Pier, the Magnificent Mile, Millennium Park and other downtown demand generators.
The transaction comes amid continued investment activity in downtown Chicago. Nearby developments include Google’s planned headquarters at the Thompson Center, the 1901 Project surrounding the United Center and the Bally’s Chicago casino project. According to CoStar, only five hotels have opened in downtown Chicago since 2023, with one hotel currently under construction.
“The transaction paired an institutional seller executing a broader sales initiative with a well-capitalized local owner meaningfully growing its portfolio—a mutually beneficial outcome delivered through a well-executed process,” Adam Montufar, principal at Alchemy, said in a statement.