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

Property Image
SOLD
$72,000,000

Illinois

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Hotel
Sold 11/07/2025
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Property Image
SOLD

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

909 North Michigan Avenue

See Similar Deals
Hotel
Sold 11/07/2025
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:Hotel
Transaction Type:Sale

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.

Players

Jon Bortz
Pebblebrook Hotel Trust
Jon Bortz
9 deals$1B volume
SELLER

Details

SOLD
IMAGE: - UNDER CONTRACT IMAGE: Jon Bortz & Ketu Amin DATE: 11/07/2025 ADDRESS: 909 North Michigan Avenue - The Westin Michigan Avenue Chicago MARKET: Chicago ASSET TYPE: Hotel BUYER: Ketu Amin SELLER: Jon Bortz - Pebblebrook Hotel Trust SALE PRICE: $72,000,000 KEYS: 752 ~ PPK: $95,745 NOTE: Investor Ketu Amin is under contract to buy The Westin Michigan Avenue Chicago for about $72 million, or roughly $96,000 per key, from Pebblebrook Hotel Trust. The 752-room deal highlights continued discount pricing in Chicago’s hospitality market, marking a major loss for Pebblebrook, which valued the property at $156 million when it acquired it in 2018.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,840,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$255,800.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$341,316.73
Annual Debt Service$4,095,800.79