JW Marriott foreclosure auction could be a broader sign of distress for the downtown hospitality industry
CHICAGO — Wells Fargo Bank took control of the 610-room JW Marriott Chicago hotel Friday morning with a winning bid of nearly $251 million during a foreclosure auction. Orlando-based owner Estein USA hadn’t made a payment on the $203 million loan tied to the property at 151 West Adams St. since last summer, according to the Illinois Foreclosure Listing Service. The amount owed eventually grew ...
by Brian J. Rogal, Chicago Tribune
Jul 08, 2022
3 minutes
CHICAGO — Wells Fargo Bank took control of the 610-room JW Marriott Chicago hotel Friday morning with a winning bid of nearly $251 million during a foreclosure auction.
Orlando-based owner Estein USA hadn’t made a payment on the $203 million loan tied to the property at 151 West Adams St. since last summer, according to the Illinois Foreclosure Listing Service. The amount owed eventually grew to $243 million, and as trustee for investors in the loan, Wells Fargo filed a
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