May 12, 2010 – Aqua may have finally reeled in a hotel, according to the latest buzz on several news sites. For some time now Chicago real estate developer Magellan has been in talks with the Kimpton Holding Group and it looks as though a deal may be finalized soon and a formal announcement made either later this week or early next week, according to the Tribune.

Kimpton, which is a San Fransicso boutique hotel company, is planning on purchasing 15 floors of the 82 story high-rise. The hotel would be located on floors 4 through 18 and include a large ballroom. The 474 apartments in the tower are located on floors 19 through 52 and the 264 Chicago condos are on floors 53 through 81.

According to Crain’s, Kimpton Chief Investment Officer Joe Long was quoted as saying that, “It’s the same as every project today. You’ve got to get financing and you’ve got to re-adjust your expectations in terms of future of performance.” But he also stated that the two groups are close to reaching a deal on the purchase.

Strategic Hotels backed out of a purchase agreement for the hotel space at Aqua some time ago and in doing, forfeited about $28 million in earnest money. That amount will lwoer the purchase price for Kimpton, bringing the cost of the hotel space down to about $56 million.

We’ll update you on any more information that becomes available about the Aqua hotel deal, as well as all the latest Chicago condo news. So be sure to check our Chicago real estate blog often to stay informed.

[tags]Aqua, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Wednesday, May 12th, 2010 at 7:36 pm and is filed under Mortgage Information.