Tishman Realty, based in New York, has exercised its option to sell the 1,218-room Sheraton Grand Chicago to Marriott International for $500 million. The deal will see Marriott paying $300 million for the hotel and an additional $200 million for the underlying land.
This transaction marks a significant milestone in an ongoing legal dispute between these two entities that dates back to when Marriott acquired Starwood Hotels in 2016. In response to this acquisition, Tishman filed a lawsuit alleging unfair competition due to a nearby Marriott property. As part of the settlement of this lawsuit, Marriott was granted an option to purchase the Sheraton at a later date.
The hotel is currently operated by Marriot and is located at 301 E North Water Street in Chicago’s River North district. Developed by Tishman Realty as part of their team back in 1992, it remains one of Chicago’s largest hotels.
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