Ketu Amin Acquires The Westin Michigan Avenue Chicago From Jon Bortz For $72M

The Westin Michigan Avenue Chicago, located at 909 North Michigan Avenue, is a 752-room hotel in the Chicago market. The property is currently under contract with a sale price of $72,000,000, which reflects approximately $95,745 per key. The hotel was previously valued at $156 million by Pebblebrook Hotel Trust when they acquired it in 2018, highlighting the ongoing pricing adjustments within Chicago’s hospitality market.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $72,000,000
• Address: 909 North Michigan Avenue - The Westin Michigan Avenue Chicago
• Buyer: Ketu Amin
• Seller: Jon Bortz - Pebblebrook Hotel Trust
• Keys: 752
• PPK: $95,745

Ketu Amin, an investor, is under contract to purchase the hotel from Jon Bortz, who represents Pebblebrook Hotel Trust in this transaction. This deal indicates a significant change in the market dynamics for hospitality assets in Chicago.