Joint venture Lionstone Development and Virgin Hotels have hired JLL’s Chicago office to sell the 250-room Virgin Hotel Chicago located at 203 N. Wabash Ave in the Loop of downtown Chicago. Adam McGaughy and John Nugent are handling the assignment, with no formal asking price for this 26-story landmark property yet listed. The ownership venture has spent more than $117 million redeveloping and renovating what was formerly known as Old Dearborn Bank Building into its first hotel in 2015.
JLL is highlighting downtown hotel market’s strong recovery last year along with its prime location near Michigan Avenue, Riverwalk, other major tourist hotspots for potential buyers. Despite a successful year of recovery due to pandemic restrictions lifting, profitability remains low due to higher costs of labor and supplies weighing down owners’ bottom lines; business travel also remains well below 2019 levels.. Photo courtesy of The John Buck Company..
