Palmer House Changes Hands

By Andrew Peerless in Miscellaneous on Aug 18, 2005 1:40PM

The Palmer House Hilton, the grande dame of a hotel that is one of Chicago's most established and well-loved institutions, ain't gonna be the Palmer House Hilton for much longer. New York-based Thor Equities (clearly the most awesome name of a company ever) has reportedly paid $230 million for the historic, circa-1927 property, and is promising another $100 million in renovations and upgrades to bring it back to its glimmery, shimmery heyday.

The Palmer House had been on the market for months, fueling speculation that - like so many other hotels here and in New York - its conversion into condominiums was imminent. Thor claims to have no such plans, with renovation efforts expected to focus on the property's 1,650 guest rooms (yeah, this place is hella-humongous) and sidewalk-level retail spaces. Thor already has much experience in the State Street area, including a Forever 21 store (ohmygodsocute!) and a condominium conversion, so we think they probably know what they're doing with this one.

We should also mention that city subsidies are paying for some of the renovation, but given the storied history and landmark status of the Palmer House, we think it's well worth our tax dollars. An impressive roster of presidents, dignitaries and other famous peeps have graced the Palmer House with their presence over the past 80 years... and, with that many rooms, every famous person ever in history could actually stay there at the same time and there would still be a "vacancy" sign hanging outside.

Upset that you missed your chance to buy a piece of Chicago hotel history? Worry not: the Ritz-Carlton and Fairmont are still looking for buyers... a perfect opportunity, we think, to unload those burdensome millions plaguing your pockets.