The DJIA rose 208 points on Friday, while the Nasdaq was up 50, the S&P 500 rose 25 points, and the 10-year treasury yield was down .02 to 4.39%. Lodging stocks were modestly higher.
Virgin Hotels has sold its 250-room hotel in Chicago to a firm specializing in converting properties into timeshare investments. The hotel was sold for just under $77.4 million to an affiliate of Accelerated Assets, according to online property records. The sale comes at an apparent loss to Virgin Hotels and its development partner on the project, Lionstone Development. It’s unclear what Accelerated Assets has planned for the Chicago hotel, but the firm’s business model is to acquire, develop and finance properties where individuals buy into timeshare ownership stakes. JLL brokers represented the seller.
For the second time in a month, Park Hotels & Resorts is putting a prominent Chicago property on the market for sale. Park
