CHICAGO, IL—Ian Schrager Hotels has acquired the 285-room Ambassador East Hotel on the Gold Coast, a hotel best known for its celebrity-frequented Pump Room restaurant.
In a deal brokered by Jones Lang LaSalle Hotels, Schrager paid $25 million for the historic property, which was built in 1926. The Harp Group was the seller, though Harp had fallen behind in its debt payments to its lender iStar.
The Pump Room reached the pinnacle of its popularity in the 1950s and 1960s.
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