Junius Real Estate Partners bought the James Chicago hotel on the Magnificent Mile for $83 million.
Denihan Hospitality sold the 297-key hotel at 55 East Ontario Street a decade after buying it for $136.6 million, Cook County records show.
Junius, an affiliate of JPMorgan Asset Management, financed the deal in part with a $67.5 million loan from ACORE Capital. The company partnered with boutique hotel and art museum chain 21C Museum Hotels on the purchase.
Denihan put the 16-story building on the market in December, after flagging revenues saddled the company with $82 million in debt on the property, Crain’s reported at the time. In 2014, the hotel was appraised at $73 million.
The hotel’s net operating income fell by 35 percent between 2014 and 2016, according to property data cited by Crain’s.
Denihan’s portfolio lists seven hotels among four different brands, all in New York. A new James hotel is set to open in Washington, D.C. in 2020.
Farther up the Magnificent Mile, investor Hotel Capital bought the 122-room Tremont Chicago Hotel and Ditka’s Restaurant with plans to renovate the property.
Earlier this month, Bixby Bridge Capital refinanced its Kinzie Hotel in River North with a $30.5 million loan.