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US: John Pritzker, of Commune Hotels and Resorts, and AJ Capital Partners have bought the Chicago Athletic Association building and will convert it into a boutique hotel.
The partners paid former owners Dallas-based Lone Star Funds US$13 million for the South Michigan Avenue property – formerly home to a private club – and will spend a further $20 million on the conversion, Pritzker told Bloomberg.
The hotel will have 240 to 260 rooms and will open in early 2014. It will be operated by Thompson Hotels, one of the brands owned by Commune Hotels & Resorts of which Pritzker – son of the late Hyatt Hotels founder Jay Pritzker – is co- chairman.
Commune also has two other hotels in Chicago.
www.communehotels.com
www.thompsonhotels.com
