Posted by Leo Clark. on Wednesday, April 20th, 2016 at 9:03am.
When the LondonHouse Hotel was first announced last year, many felt it could easily establish itself as one of the top hotels in the entire city. The building’s rich history, its location just off the riverfront—everything about it seemed to just make sense. Now, over a year later, reports are surfacing that the hotel has actually been sold, just one month before making its highly-anticipated debut.
According to Crain’s, LondonHouse has officially sold for an insane $315 million, which comes out to about $697,000 per room. Oxford Capital is the original developer for the project and the breakdown of the sale seems to be as follows: Oxford will retain ownership of the first and second-floor retail space, while the company will also lease back the hotel and operate it over the next 25 years.
The buyer, Hamburg, Germany-based Union Investment Real Estate Group, has now exceeded the highest per-room price paid for a hotel, which was recently set at $592,000 per room for the Waldorf Astoria back in July. At 23 stories, LondonHouse will have 452 rooms once to opens, while the building, located at 360 N. Michigan Avenue, is a prominent Alfred S. Alschuler-designed high-rise that was originally built in 1923.