CHICAGO, IL — June 2026 — Alchemy announced today the sale of the La Quinta Inn & Suites by Wyndham Downtown Chicago, a 239-room upper-midscale select-service hotel at 1 S. Franklin St. in Chicago’s Loop.
Alchemy represented the seller, a leading global real estate investment and hospitality management company, in the disposition.
The hotel sits at Franklin and Madison, steps from the Washington/Wells ‘L’ station on a CTA rail system that delivered more than 135 million rides in 2025. The property is walking distance to the West Loop and Fulton Market — one of Chicago’s most favored investment markets and home to McDonald’s global headquarters substantial . The property is also within walking distance of core leisure demand including Navy Pier, the Magnificent Mile, and Millennium Park. McCormick Place is North America’s largest convention center and offers more than 2.6 million square feet of exhibit space. The convention center draws approximately 3 million visitors annually.
Google is investing $280 million to convert the nearby Thompson Center into its new Chicago headquarters and is a planning a 2027 completion date. Additional market growth include the $7 billion 1901 Project around the United Center, and the $1.7 billion Bally’s Chicago casino. According to CoStar, only five hotels have opened in downtown Chicago since 2023, and only one hotel is currenlty under construction.
“We’re proud to have completed this sale in the heart of the Loop on behalf of our longstanding client,” said Adam Montufar, Principal at Alchemy. “The transaction paired an institutional seller executing a broader sales initiative with a well-capitalized local owner meaningfully growing its portfolio — a mutually beneficial outcome delivered through a well-executed process.”
The buyer is a privately held hotel investment firm based in Chicago and will self-manage the property. The hotel will remain a La Quinta Inn & Suites by Wyndham. Ownership plans a property improvement program to enhance the guest experience and better position the asset amongst the competitive set.
According to Choose Chicago, downtown hotels sold a record 3.6 million room nights in summer 2025. This marked a 4.3% year-over-year improvement from 2024 and was the city’s strongest summer since 2019. The sale underscores Alchemy’s ability to pair institutional sellers with well-capitalized local and regional buyers in one of the nation’s largest lodging markets. The sale also underscores the team’s lengthy transaction history across the broader Chicago MSA.
