Sofitel Chicago Acquisition | Real Estate Services Deal in IL

Braemar Hotels & Resorts has completed the acquisition of Sofitel Chicago, a real estate services other business in Illinois, for $153M. The 415-room Sofitel Chicago hotel in Chicago’s Gold Coast operates under an Accor Sofitel brand agreement through 2041 and supports guest stays and event-driven revenue. Braemar engaged JLL to broker the real estate services M&A divestiture acquisition, with a focus on leveraging a $12.8M guest room renovation completed in 2018 and potential upgrades to event spaces. The announced divestiture acquisition is sized at $153M and is being evaluated as part of a broader exploration of a company sale, with earnings of about $6.2M reported last year.