Lowe Enterprises Investors, on behalf of an investment client, has acquired the 28-story, 213-room Affinia Chicago Hotel located at 166 E. Superior St. in downtown Chicago from Denihan Hospitality Group. Concurrent with the sale, LEI affiliate Destination Hotels & Resorts, will take over the hotel management and implement the property’s rebranding as MileNorth, a Chicago Hotel, a name inspired by its premier location one block from North Michigan Avenue – the Magnificent Mile.
MileNorth is comprised of 213 guestrooms, 69 of which are suites, approximately 3,000 square feet of meeting space, a ground floor restaurant and rooftop bar offering expansive city views. The previous owner completed a top-to-bottom renovation upgrading all guest rooms including furniture and fixtures, the corridors, common areas and building systems and transforming several floors of office space into guest rooms.
LEI has made numerous investments in the Chicago area and currently operates Orrington Office Plaza in Evanston, 8501 W. Higgins in Chicago and the Embassy Suites Chicago-North Shore Deerfield on behalf of pension fund clients. Previous Illinois hotel properties the firm has acquired and sold on behalf of its clients include the Doubletree Rosemont O’Hare, the Rosemont Suites Hotel, the Oakbrook Hills Hotel and the Crowne Plaza Springfield.
The seller was represented by Eastdil Secured. Lowe Enterprises Investors represented itself in the transaction.
