Hotel Capital Acquires The Tremont Chicago Hotel at Magnificent Mile and Mike Ditka’s Restaurant
Hotel Capital LLC,
a private equity real estate investment firm, is excited to announce a
direct equity investment and acquisition of The Tremont Chicago Hotel at
Magnificent Mile located in Chicago, Illinois. The Tremont Chicago
Hotel and Mike Ditka's Steakhouse was acquired by Hotel Capital from
seller Marriott International, Inc.
The Tremont Chicago Hotel is a 16-story, 122-room, boutique hotel and
is located in the heart of the Gold Coast between the world-renowned
Magnificent Mile and Rush Street. The hotel will retain The Tremont name
and undergo a multi-million dollar renovation which will include
upgrades to the lobby, all new guest bathrooms, restaurant renovations,
and general property improvements.
The owner of Hotel Capital and CEO Michael Collier commented on the acquisition, “This was a very special acquisition in many ways. To purchase a downtown Chicago hotel from Marriott in an irreplaceable location like this presented a once in a lifetime opportunity. It was only made available as a result of Marriott's $13 Billion Starwood Hotels acquisition in 2016 and this was the last property in North America Marriott had left to sell from that deal. It was also a tremendous benefit to work with many established business relationships all around in this transaction as we closed with a repeat lender, capital and business partners, attorneys, brokers, and Marriott as an existing Franchisor on some of our other hotels. Furthermore, to have the opportunity to partner with legendary Mike Ditka's Steakhouse and their first-class operation and ownership team added significantly to the allure of this investment. It has been a life dream to someday own a hotel in CBD Chicago and now with many that I am proud to partner with we have accomplished that. Upon renovating the hotel we aim to lift it into the Independent Upscale Boutique Hotel category to fully take advantage of an amazing property in an amazing location.”
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
