December 23, 2013 – The new owner of the Renaissance Chicago Downtown Hotel will invest $27 million to renovate the 27-floor hotel at State Street and Wacker Drive.

Carey Watermark Investors, Inc., announced on Monday it has purchased the 553-room hotel for $139 million. The $27 million includes other costs related to the acquisition.

Built in 1991, the hotel was renovated previously in 2005, 2012, and earlier this year.

The real estate investment trust liked the riverfront location of the hotel, close to offices as well as leisure destinations. CEO Michael Medzigian called the location “A+” and the purchase price “attractive.”

The hotel will continue to be managed by Marriott International.

The Renaissance has 35,000 square feet of meeting space, 7,800 square feet of retail space, a restaurant, bar, and small café.