Blackstone Hotel Acquired by Vinayaka Hospitality | Real Estate Services M&A Deal

Vinayaka Hospitality has completed the acquisition of Blackstone Hotel, a real estate services other business in Illinois, for $43M. The 355-key Blackstone Hotel is a historic Chicago lodging asset at 636 South Michigan Avenue, operating as a Marriott Autograph Collection property and drawing demand from political and tourism traffic. Vinayaka Hospitality acquisitions in real estate services M&A focus on owning and operating premium downtown hotels, supporting a strategic acquisition in IL acquisitions and other acquisition. The strategic acquisition is a closed deal valued at $43M, with pricing around $121,000 per room, and it follows prior ownership attempts by Fundamental Advisors and Sage Hospitality Group.