Hotel At 208 S LaSalle Street Up For Sale As Upper Floors Head To Residential Conversion

The JW Marriott hotel at 208 S LaSalle Street in The Loop has officially been put up for sale. Located within the historical Continental and Commercial National Bank on the intersection with W Adams Street, the building is also part of the LaSalle Street Reimagined initiative. The sale is being led by Jones Lang LaSalle (JLL) according to Crain’s.

Current view of 208 S LaSalle Street via The Prime Group

The 12-story hotel originally opened in 2010 with 610 rooms, on-site restaurant, and spa. It was most recently owned by Orlando-based Estein USA who originally developed the hotel within the mostly vacant structure. However in September 2022 they foreclosed on their $203 million loan, this is when Miami-based Rialto Capital took over the property.

Image of JW Marriott ballroom via Party Slate

Now the hotel is being appraised at $228 million, or around $370,000 per room. The Marriott brand also operates the 232-room The LaSalle Hotel on the upper floors of the structure which are owned by The Prime Group who not only helped develop the JW Marriott, but are also leading the conversion of floors 13 to 17 into residential.

Rendering of The LaSalle Residences by LJC and Lucien LaGrange

With new renderings being recently revealed, the developer is planning to build out 226-residential units out of the 225,000 square-feet of empty space. The project will redevelop the building’s rooftop with a new pool and amenity deck, with residents also being able to utilize the amenities of both hotels a la carte.

Rendering of The LaSalle Residences by LJC and Lucien LaGrange

The conversion is also being used as a selling point for the hotel, with JLL highlighting the opportunity to add new food and beverage space within the ground floor lobby to increase revenue. Last year the hotel generated around $12.3 million in sales, roughly $5 million less than 2019. At the moment no potential buyer is known.

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