Pebblebrook Closes $72M Sale of Westin Hotel in Chicago

Pebblebrook Hotel Trust has completed the sale of the 752-room Westin Michigan Avenue Chicago in Chicago, Illinois, for $72 million.

Local hotel investor Ketu Amin is set to pay $72 million for one of the city’s largest hotels, according to Crain’s. Draper and Kramer’s Mark Perkowski, senior vice president with Draper and Kramer’s Commercial Finance Group, arranged a $54 million loan on behalf of Vinayaka Hospitality to acquire the hotel located at 909 N. Michigan Avenue. The acquisition loan was provided by a life insurance company sourced by Perkowski.

The sale price is far below the property’s pre-pandemic valuation, but it represents one of the largest investments in a Chicago hotel in recent years. Chicago has shown particularly strong demand for hotel rooms in 2025, with Choose Chicago noting that over the summer months, hotels in Chicago’s Central Business District filled over 3.56 million room nights, a new record for the city.

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