Loews Hotels & Resorts said Monday it has agreed to buy the InterContinental Chicago O’Hare Hotel.
Loews Hotels expect to complete the deal in late July for the 566-room hotel in Rosemont, near O’Hare Airport. The company is also building a 400-room hotel in the Streeterville neighborhood that it plans to open early next year.
“The Midwest is an area where we were looking to increase our presence,” Jonathan Tisch, chairman of Loews Hotels & Resorts, said in a prepared statement. “Adding the Loews Chicago O’Hare to our portfolio allows us to offer two Loews experiences in the Chicago area, one in the booming area of Rosemont and one downtown with the new Loews Chicago Hotel opening in early 2015.”
Financial terms weren’t disclosed. Chicagobusiness.com reported the deal was worth about $120 million.
