22-Dec-23 – Retail and parking space at Marina City has been sold again.
Pebblebrook Hotel Trust announced on Friday that it has sold the space for $30 million to “a third party,” which reportedly is Sperry Equities, a commercial real estate investment firm based in Irvine, California.
The 354-room Hotel Chicago, which is owned by Pebblebrook, is not part of the deal, nor is the four-story, 100,000 square foot House of Blues – on the west side of the complex – that is owned by Live Nation.
Commercial spaces at the riverfront complex are located in the same building as Hotel Chicago, above the marina, and on the plaza level of Marina City’s west tower.
Chicago Electric Boat Company and Jefferson Beach Yacht Sales are located at marina level. Smith & Wollensky leases approximately 21,543 square feet of space in its building in the southeast corner of Marina City.
The sale took place on December 21, according to Pebblebrook.
Pebblebrook acquired the property in 2018 from LaSalle Hotel Properties as part of an estimated $5.6 billion deal that included 41 LaSalle properties in eleven markets.
LaSalle purchased the Marina City property in 2006, buying what was then the House of Blues Hotel from HOB Entertainment Inc. for $114.5 million.
Pebblebrook, a publicly-traded real estate investment trust, owns 46 hotels in 13 markets, including Hotel Chicago and the 752-room Westin Michigan Avenue.
• Previous story: Re-sale possible of Chicago hotels part of $5.2 billion deal