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Hilton Sells Chicago Landmark

Thor Equities will buy the Palmer House hotel.
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It's official.

Hilton Hotels

(HLT) - Get Hilton Worldwide Holdings Inc Report

has sold its landmark Palmer House hotel in Chicago.

The hotelier announced Wednesday that Thor Equities is paying $230 million for the property, which played host to every U.S. president from Ulysses Grant through Bill Clinton.

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Hilton for some time has acknowledged it was trying to sell the Palmer House. Thursday's news essentially confirms a

Chicago Tribune

story in late June that identified Thor as the purchaser.

Thor, which has specialized in retail development, will spend at least $100 million renovating the property and adding a new shopping center at the hotel's base. Under a long-term contract, Hilton will continue to manage the property.

Hilton shares finished Wednesday's session up 15 cents, or 0.6%, at $24.59.