A joint venture between Gencom and GD Holdings has acquired the newly opened, 192-key St. Regis Chicago, which occupies the first 11 floors within a three-tower development in downtown Chicago’s Lakeshore East neighborhood. The acquisition price wasn’t disclosed. Developer Magellan Development Group will retain an ownership interest in the project.
The acquisition marks the first addition of a St. Regis brand to each of Gencom and GD’s growing hospitality portfolios. It’s also the JV’s first foray into Chicago.
“During the pandemic, Gencom saw a unique opportunity to purchase this asset while it was still under construction and strategically arranged to close on the transaction once the property was delivered,” said Gencom CIO Alessandro Colantonio. “From the onset, we recognized the long-term value of this investment given the strength of the Chicago market and the significance of opening the first luxury hotel downtown in over a decade.”
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