Ace Hotel Chicago up for sale

George Sell By George Sell
14 December 2016 | Updated 14 December 2016

US: The Ace Hotel in Chicago has reportedly been put on the market with a price tag of $90 million.

US: The Ace Hotel in Chicago has reportedly been put on the market with a price tag of $90 million.

The property, at 311 N. Morgan St in the Fulton Market District, is being built in a converted warehouse and has an opening date of spring 2017.

Its developer, Sterling Bay, has hired the Chicago office of brokerage HFF to find a buyer for the 159-room hotel, according to local reports.

The developer is believed to be seeking about $90 million for the property at 311 N. Morgan St., which will open in the spring after construction is completed.

Sterling Bay has previously sold 1KFulton, an office building that is home to Google's Midwest headquarters, and a few retail buildings in the area.

Sterling Bay reportedly took on the Ace Hotel development as part of the agreement with Google for its lease just across Morgan Street, saying it would provide hotel rooms for visiting Google employees and clients.

acehotel.com

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