Chicago Lofts Bulletin

A Chicago real estate icon, the Palmer House Hilton, is under contract to be sold to Joseph Sitt, a New York-based real estate developer.

Hilton Hotels Corporation will probably retain management of the property.

The upper stories of the hotel will likely be converted into Chicago condos to help increase the revenue of the Chicago real estate. Additional space in the property may be used for retail.

A new Chicago real estate development is going up at Block 37, just a couple of blocks from the Palmer House, according to the Chicago Tribune. Chicago real estate values in the area have received a major boost after the much-lauded opening of Millenium Park.