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An affiliate of Michigan-based Accelerated Assets has acquired the 250-room Virgin Hotel in downtown Chicago for nearly $77.4 million.
Originally debuting in 2015, the Virgin Hotel Chicago was the first of its kind under the Virgin brand. Located at 203 N. Wabash Avenue, the landmark 26-story building sits at the northeast corner of the Loop, near the Magnificent Mile and Millennium Park. The property was sold by a joint venture between Miami-based Lionstone Development and Virgin Hotels. JLL’s Adam McGaughy and John Nugent represented the sellers in the transaction.
Designated as a Chicago landmark, the building was formerly home to the Old Dearborn Bank. Virgin and Lionstone acquired the building for $14.8 million in 2011 and subsequently secured a $50 million construction loan to redevelop it into a hotel. In early 2020, the property was refinanced with a $37 million loan from Prime Finance Partners.
Following the launch of the Chicago hotel, Virgin Hotels expanded to other cities including Dallas, Nashville, New Orleans, Las Vegas, and New York.
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