A group of local investors led by real estate and private equity firm Oxford Capital Group (www.oxford-capital.com) has purchased Hotel Wacker, 111 W. Huron, from BAC.Corp in a transaction valued at $24M. Financing for the acquisition is provided by Anglo-American Bank.

The new owners, which call themselves HCP Oxford OBG Wacker Property Company, LLC, plan to redevelop the property into an upscale boutique hotel, scheduled to open in early 2009, according to managing principal John W. Rutledge, Oxford Capital Group president and CEO.

“The Hotel Wacker is a historic structure that is well-located in a burgeoning area of Chicago’s red-hot River North neighborhood,” explained Rutledge. “When redeveloped, it will be a valuable addition to the city’s selection of small, exclusive boutique hotels, which are becoming increasingly popular with travelers.”

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