Tom Balames Of Accelerated Assets Acquires Virgin Hotel Chicago From Diego Lowenstein For $77.4M

The property involved in this transaction is the Virgin Hotel Chicago, located at 203 North Wabash Avenue in the Chicago market. The hotel consists of 250 keys and was sold for $77,400,000. The price per key is approximately $309,600. This acquisition comes at a significant discount compared to the $117,000,000 redevelopment cost.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $77,400,000
• Buyer: Tom Balames - Accelerated Assets
• Seller: Diego Lowenstein - Lionstone Development; Virgin Hotels
• Broker: JLL
• Number of Keys: 250
• Price per Key: $309,600

The transaction highlights the involvement of Tom Balames representing Accelerated Assets in the acquisition. The seller, Diego Lowenstein, represents both Lionstone Development and Virgin Hotels. JLL acted as the broker facilitating the deal. Notably, Virgin Hotels will continue to manage the property post-sale, which indicates the ongoing commitment to hospitality operations despite shifting investor strategies in downtown Chicago.