An affiliate of Michigan-based Accelerated Assets has paid nearly $77.4 million for the 250-room Virgin Hotel in downtown Chicago.
The hotel, which was the first Virgin Hotel, debuted in 2015 at 203 N. Wabash Ave. The entity bought the historic 26-story building in the northeast corner of the Loop from a joint venture of Miami-based Lionstone Development and Virgin Hotels, reported Crain’s. JLL’s Adam McGaughy and John Nugent represented the sellers.
The building is a Chicago landmark. It was home to the Old Dearborn Bank and is situated near the Magnificent Mile and Millennium Park. Virgin and Lionstone bought the building for $14.8 million in 2011 and took out a $50 million construction loan to redevelop it into a hotel. The property was later refinanced in early 2020 with a $37 million loan from Prime Finance Partners. After the Chicago hotel launch, Virgin Hotels opened other locations in Dallas, Nashville, New Orleans, Las Vegas and New York.
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