Chicago's iconic Drake Hotel is up for sale

Chicago Business Journal

By: Ben Miller

The iconic 101-year-old Drake Hotel on Chicago's Lakefront is up for sale.

Chicago-based realty firm JLL (NYSE: JLL) said it's been retained to sell the 535-room hotel, representing owners the Brashears family and Acore Capital, which together own about 90% of the hotel.

JLL didn't list an asking price, but Bloomberg reported the hotel could fetch more than $250 million. JLL said the buyer could renovate the hotel, "allowing it to, again, compete with the city’s most luxurious hotels while creating or enhancing ancillary uses like the retail space and the potential creation of residential units."

The hotel contains restaurants including Coq D’Or, Café on Oak, Palm Court and a coffee bar, as well as 220 feet of linear retail frontage along North Michigan Avenue and 36,900 square feet of flexible meeting space.

It's been a busy last few months for hotels in Chicago.

Last week, Oxford Capital Group said it's purchased the 247-room hotel Thompson Chicago at 21 East Bellevue Place for an undisclosed price.

In late July, Selina, a provider of youth hostels, said it plans on opening a location at 100 East Chestnut Street in Chicago, near the site of the former Mike Ditka's restaurant and at the site of the existing Tremont Hotel.

And in May, a 364-room hotel — The Chicago Pendry — opened in the Carbide & Carbon Building.