The owner of Chicago’s second-largest hotel has bought back the retail portion of the Palmer House Hilton hotel at a fraction of its previous value as a long-running foreclosure case over the sprawling hotel remains ongoing.
Thor reclaims Palmer House retail in bargain-priced Chicago deal
Purchase highlights sharp value declines as hotel foreclosure suit drags on
By Ryan Ori
CoStar NewsSeptember 4, 2026 | 11:58 P.M.
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IN THIS ARTICLE
- Properties
- Palmer House Retail
101 State St, Chicago, IL
- Palmer House, a Hilton Hotel
17 Monroe St, Chicago, IL
- Companies
- Thor Equities
Real Estate
- Contacts
- Richard Deptula
National Director, Investment Advisory Services, Friedman Real Estate
- Joseph Sitt
Chairman & Founder, Thor Equities
- Victor Lewis
Senior Associate, Friedman Real Estate
- Kellen Duggan
Vice President, Brokerage Services, Friedman Real Estate