Vancouver‑based Onni Group purchases Ace Hotel in Chicago for $63M

Vancouver-based company Onni Group has completed a deal to buy Chicago’s 159-room Ace Hotel for $63 million in Chicago’s Fulton Market District, as reported by The Real Deal, Chicago Real Estate News.

Onni’s plans for the seven-story property located at 311 North Morgan Street have not been released yet, but the Ace Hotel Group has said that it will no longer manage the hotel beginning Jan. 26^th.

If the sale goes through, the $400,000 per room price tag will be significantly lower than what Sterling Bay tried to sell the property for before the COVID-19 pandemic hit. The purchase price is just below the $64 million of debt Sterling Bay refinanced the property for in 2018.

The Ace Hotel deal will be one of the highest per-room totals paid for a hotel in downtown Chicago since the beginning of the pandemic. It is also just one of several current projects by Onni Group in the Windy City.