Bethesda, MD-based Pebblebrook Hotel Trust has listed the 354-room Hotel Chicago at 333 N. Dearborn St. and the retail and parking portions of the historic Marina City towers next door for sale, according to Crain’s Chicago Business. There is no asking price for either of these properties which could be sold together or separately as per marketing materials from JLL. The Marina City portion includes 146,000 square feet of dining, entertainment and experiential retail venues along with two 450-stall parking garages that serve the landmark towers.
Pebblebrook hopes to capitalize on a resurgence in leisure travel to Chicago by cashing out; however they are facing high interest rates, an unsteady banking sector and a slow recovery in business travel which may impede their efforts somewhat. Aside from pre-negotiated sales of two newly built properties over a year ago according to MSCI Real Assets data there have been few big downtown hotel trades recently .
