Thursday, March 12, 2009

For Sale: Ambassador East Hotel

The Old Gray Lady of Gold Coast hotels is for sale.

Crain's Chicago Business reports that the Ambassador East Hotel is available for purchase.  In 2005 it sold for $44,500,000.  We'll see how much it gets this time around.  One disadvantage for any potential buyer, Crain's notes, is a badly needed renovation which could run $50 million or more.

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