An unknown buyer acquired 368-room Embassy Suites Chicago and 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile from Sunstone Hotel Investors, Inc. (NYSE:SHO) for approximately $130 million on March 17, 2022. The consideration represents a 9.8x multiple on 2019 Hotel Adjusted EBITDAre and an 8.8% cap rate on 2019 Hotel Net Operating Income.

An unknown buyer completed the acquisition of 368-room Embassy Suites Chicago and 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile from Sunstone Hotel Investors, Inc. (NYSE:SHO) on March 17, 2022.