Amid reports that Chicago's iconic Drake Hotel is on the market, what is actually happening to the Magnificent Mile staple?
A spokesperson for brokerage JLL, which is representing the Brashears family, confirmed Wednesday that the property is for sale.
The Brashears family holds a controlling interest in The Drake, according to Crain's Chicago. The family and Acore Capital, both represented by JLL, own 90% of the property, which is expected to be worth more than $250 million, Crain's reported.
JLL has not released official comment on the anticipated price of the property, however.
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A representative from The Drake released a statement Wednesday saying the hotel remains "open and operational" with "no plans to discontinue" operations.
“The Drake remains open and operational. Hilton continues to manage this iconic, 100-year-old property under the Hilton Hotels & Resorts flag and has no plans to discontinue operating the hotel. We remain fully committed to welcoming guests and hosting events with the quality service and hospitality experience they have come to enjoy," a spokesperson for The Drake said.
The Drake hotel was financed in 1919, according to the website, and opened the following year to 2,000 Chicagoans. In 1940, the hotel illuminated the famed sign still standing along the city's skyline in 2021. Hilton International acquired The Drake and restored it to its former state in 1980.