by Michael J. Shapiro | June 22, 2018

Denihan Hospitality has sold the 297-room James Chicago hotel to Junius Real Estate Partners for $83 million, according to the Real Deal Chicago Real Estate News. Denihan took a significant hit on the sale, after purchasing the property for $136.6 million 10 years ago. Junius partnered with 21C Museum Hotels on the acquisition.

In a statement, Denihan Hospitality said, "We have reached an agreement to sell the James Chicago to 21c Museum Hotels. Per the terms of the agreement, the property will maintain its current brand flag under a licensing agreement with Denihan Hospitality, and 21c Museum Hotels will assume management responsibilities."

The James Chicago is one of three boutique hotels currently operating under the James brand; the other two are in New York City. A new James Washington, D.C., is scheduled to open in 2020.
 
The Chicago property on the Magnificent Mile offers residential-style rooms, the on-site James Kitchen + Bar, a gym, a Spa by ASHA and 7,000 square feet of flexible meeting and event space. The hotel showcases work from local and international artists, rotating shows on a seasonal basis.
 
The focus on art coincides well with 21C's aesthetic. That brand, which combines a boutique hotel with a contemporary art museum and chef-driven restaurant, currently has properties open in eight U.S. cities. Two more were under development previous to the James sale.