Chicago hotel snapped up before opening

(LondonHouse Chicago)

The LondonHouse hotel in Chicago is selling a month before the property is expected to open.

Union Investment Real Estate, based in Hamburg, Germany, bought the hotel for $315 million. The 452-room hotel went for $697,000 per room, the highest price ever paid per-room for a Chicago hotel and dwarfing the $592,000 per room paid for the Waldorf Astoria in July 2015.

Oxford Capital Group, the seller of the property, will retain ownership of 28,000 square feet of retail space on the first and second floors. Oxford has a 25-year contract to lease back the 361,467-square-foot property, and will also manage the hotel, which is expected to open in May.

Union Investment also recently purchased the Godfrey Hotel Boston in December, that time for $180 million. The LondonHouse is the company's second purchase in the U.S.

“This second investment underscores our reputation as a reliable and attractive partner to the hotel industry at international level,” Andreas Locher, head of the buyer's Investment Management Hotels division, said in a statement. “It also opens up the prospect of further off-market transactions in the U.S.”

Oxford bought the property that would become the LondonHouse for $53 million in 2013.