Oxford Capital provides $ 53 million loan to purchase Thompson Chicago

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(Facebook via Thompson Chicago)

(Facebook via Thompson Chicago)

Oxford Capital paid $ 70.9 million for the Thompson Chicago hotel, The Real Deal reported.

The deal was announced, one of the largest hotel deals in Chicago this year. earlier this month but the price was not previously disclosed.

Oxford just received a $ 53.2 million loan from Macquarie Capital to acquire a 247-room hotel, Cook County records show.

With the acquisition, Oxford now owns nine hotels in the city and 2,160 rooms. Other properties include the Godfrey Hotel and Le Meridien Essex Chicago. Oxford will manage Thompson through its subsidiary Oxford Hotels & Resorts.

The ground floor of the Thompson Hotel, which now houses the Nico Osteria Restaurant, will be renovated.

Oxford did not respond to requests for comment. In total, the company’s portfolio includes more than 15,000 hotel rooms.

Sale goes like Hotel chicago the market is slowly moving back. According to STR, the city’s occupancy rate in the first week of August was 60.2%. This is below the national average of 68 percent, but it is a significant improvement from 25.3 percent utilization over the same period last year.

Recent hotel deals in the city include John Murphy’s $ 23 million purchase of the Holiday Inn Chicago Mart Plaza and the $ 13 million purchase by Texas-based Mid Continent Hospitality of the Crowne Plaza Hotel Chicago. The 535-key Drake Hotel, which is being looked after by the Brasher family and Acore Capital, is entering the market this month. $ 250 million for a century old property.

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