The Sofitel Chicago Magnificent Mile, the 32-story, 415-room luxury hotel that helps anchor the Gold Coast, has been put on the market. Sitting a block west of the Magnificent Mile and instantly recognizable for its glass-and-stone prism silhouette, the property leans into French-influenced dining and offers roughly 10,000 square feet of meeting space. The listing puts one of Chicago’s better-known upper-tier hotel assets in play.
As reported by Crain’s Chicago Business on March 31, 2026, the hotel’s owner has begun formally marketing the asset for sale. According to that report, the offering is expected to draw interest from both hotel operators and institutional investors looking to snag a trophy downtown property.
Owner and management
Braemar Hotels & Resorts owns the property and last year shifted the hotel from a brand-managed setup to a franchise structure, with Remington Hospitality now operating the hotel under that arrangement. In a release, Braemar highlighted that the Remington management agreement can be terminated if the hotel is sold, a feature the company has pitched as a selling point for potential buyers (Braemar Hotels & Resorts). “We expect an immediate uplift in the value of the property due to the Sofitel brand remaining on the hotel and the management agreement with Remington being terminable on sale,” the company said in the release.
Property basics
The Sofitel lists its address as 20 E. Chestnut Street and 415 guest rooms on its official site, which also highlights on-site dining and meeting facilities (Sofitel Chicago). Braemar’s investor filings describe the hotel’s meeting capacity and outline recent capital plans, including a planned refresh of the lobby, restaurant and meeting space (Braemar Hotels & Resorts filing). Taken together, those public sources provide the clearest snapshot of the asset’s size and amenities.
What buyers will be watching
Prospective buyers are likely to zero in on operating performance, the specifics of the management contract and the cost and timing of the planned renovations. Industry trackers note that downtown and trophy hotel assets in Chicago have been attracting renewed investor interest as travel and group demand continue to recover (HVS). A new owner could opt to keep the Sofitel flag in place under a franchise model or rebrand the property altogether, depending on strategy and operator appetite.
Contract and lender considerations
Braemar’s public filings spell out contractual terms and loan arrangements that are likely to shape the sale timeline, including management-agreement provisions and mortgage financing that has at times secured multiple properties in the portfolio. Those documents indicate that lenders, managers and any buyer will need to coordinate on timing and consent before a deal can close. For details on the financing and contractual framework, see Braemar’s SEC disclosures (Braemar Hotels & Resorts SEC filing)…