Sunstone Hotel Investors sells Chicago hotels for $129.5M

Sunstone Hotel Investors has sold two Chicago hotels — the Embassy Suites Chicago and the Hilton Garden Inn Chicago Downtown/Magnificent Mile — for $129.5 million or $178,000 per room. The deal represents the REIT’s exit from the Chicago market, according to CEO Bryan Giglia, who also said that the company has “now largely completed our non-core disposition program and we are actively looking to grow the portfolio.”