Chicago's Hotel 71 Sold

Remember Bruce Wayne's apartment in the "The Dark Knight?" The hotel which served as Wayne's fictional ultra-modern lair was sold this week for millions less than the debt owed on it. Hotel 71 in Chicago was picked up for $37 million in an all-cash deal. According to the Wall Street Journal the seller was a special servicer holding around $68 million of debt, put into place after the hotel's July 2008 foreclosure. The hotel was originally put on the market last January in hopes of garnering a $100 million offer.

Hotel 71 was to be a condo-hotel but as Maura Webber Sadovi of the WSJ points out, that business model is one that didn't work out for many developments. The new owners, Canyon Capital Realty Advisors, plan to operate Hotel 71 as a traditional hotel. The hotel remains open and is offering a New Year's Extravaganza starting at $249.