Hilton Sells Chicago Landmark

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

Hilton Hotels

(HLT) - Get 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.

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.