Braemar Hotels & Resorts Inc. announced on April 3, 2025, its plans to transition the 415-room Sofitel Chicago Magnificent Mile to a franchise structure. This strategic move is expected to be effective in May 2025.
Under the new arrangement, Remington Hospitality will manage the hotel under the existing terms of its Master Hotel Management Agreement with Braemar, while the Sofitel brand will remain. This conversion is anticipated to provide an immediate uplift in the property's value.
Richard J. Stockton, Braemar's President and CEO, highlighted that the management agreement with Remington being terminable on sale makes the asset more attractive. The company also plans to renovate the lobby, restaurant, and meeting space over the next two years to further enhance the property.
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