Loews Hotels to pay $120 million for InterContinental O’Hare

    As it builds one hotel in downtown Chicago, Loews Hotels & Resorts is buying another one to go with it near O’Hare International Airport.

    The New York-based hotel chain is paying about $120 million for the InterContinental Chicago O’Hare, a 556-room hotel in Rosemont that opened as the financial markets crashed in 2008 and wound up in Bankruptcy Court, according to people familiar with the transaction.

    Loews plans to slap its name on the hotel at 5300 N. River Road, part of a broader national expansion by the chain that includes a 400-room hotel under construction in Streeterville. That hotel, at Illinois Street and Park Drive, is expected to open next February.

    Read more in Crain’s Chicago Business.

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