High End Hotel Selling in Downtown Chicago

Here's the story. 

A New York-based investor is paying about $140 million for the Renaissance hotel on Wacker Drive, one of the biggest downtown casualties of the real estate crash.

Carey Watermark Investors Inc. is buying the 553-room Renaissance Chicago Downtown Hotel from the Royal Bank of Scotland Group PLC, which repossessed the property last year from its previous owner, Chicago-based private-equity firm Walton Street Capital LLC, according to people with knowledge of the transaction.

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