Marriott International Acquires Sheraton Grand Chicago for $500 Million

The Sheraton Grand Chicago, the Windy City’s fifth-largest hotel by room numbers, is changing hands.

Marriott International this week revealed that it would pay $500 million to acquire the Sheraton Grand Chicago, completing a purchase as part of an original deal that the hotel giant struck in 2017 with Tishman Realty, the property owner.

Marriott confirmed the news on its fourth-quarter earnings call.

Marriott already operates the hotel, but will now own the property, including the actual hotel and the ground beneath the building, which is located on the Chicago River, just a block from the city’s Millennium Park.

There is no word on whether Marriott will give the property a facelift or a rebrand. The hotel was built in 1992 and has 1,218 rooms spread across 31 floors, along with 120,000 sq. ft. of meeting space that includes a 40,000 sq. ft. ballroom.

The other largest hotels in the city include the 1,258-room Hyatt Regency McCormick Place, the 1,544-room Hilton Chicago, the 1,641-room Palmer House Hilton, and the 2,032 Hyatt Regency, according to the Chicago Tribune.