Posted 11/19/2012 - 12:08:09 AM
CHICAGO–Affiliates of the Blackstone Group have acquired the financially troubled Sofitel Hotel here.
The 415-room hotel has been in default on its mortgage and was facing foreclosure procedures. In a previous step to take control of the property, New York-based Blackstone had bought part of the debt on the hotel for $85 million this year. Blackstone intends to retain the Sofitel brand on the property and keep Paris-based Accor as manager.