Gencom and GD Holdings have joined forces in a joint venture to acquire the newly opened 192-key St. Regis Chicago, located on the first 11 floors of a three-tower development in downtown Chicago’s Lakeshore East neighborhood. The acquisition price was not disclosed, and Magellan Development Group will retain an ownership interest in the project.
This marks both Gencom’s and GD’s first addition of a St. Regis brand to their respective hospitality portfolios as well as their inaugural foray into Chicago real estate markets. CIO Alessandro Colantonio commented that “during the pandemic, Gencom saw this asset as an opportunity to purchase while it was still under construction with plans for closing once delivered.” He further noted that “the long-term value of this investment is significant given its location within one of America’s strongest markets with over ten years since last luxury hotel opening downtown.”
