Braemar Hotels & Resorts Inc.has announced plans to transition the 415-room Sofitel Chicago Magnificent Mile to a franchise-operated property, marking a significant shift in its management structure. Under the new arrangement, the hotel will retain the prestigious Sofitel brand while being managed by Remington Hospitality under its existing Master Hotel Management Agreement with Braemar.
The transition, expected to take effect in May 2025, will offer continuity and stability for employees, as all current staff will be given the opportunity to retain their positions under a subsidiary of Remington Hospitality. The hotel’s brand identity and service standards will remain intact, ensuring guests continue to experience the luxury and excellence associated with Sofitel.
While no mandatory property improvement plan is required as part of the transition, Braemar has outlined a multi-year renovation strategy aimed at enhancing key areas of the property. This includes upgrades to the lobby, restaurant, and meeting spaces, reinforcing the hotel’s commitment to delivering an elevated guest experience.
Richard J. Stockton, President and CEO of Braemar Hotels & Resorts, expressed confidence in the move: “We are excited to transition Sofitel Chicago Magnificent Mile from brand-managed to franchise-operated and look forward to strengthening our partnership with Accor in this new capacity. Retaining the Sofitel brand while shifting management allows us to maximise the property’s value, while the flexibility of the Remington management agreement provides added strategic advantages.”
Braemar Hotels & Resorts, a real estate investment trust (REIT) focused on luxury hotels and resorts, continues to refine its portfolio strategy to enhance operational efficiency, maintain high-end hospitality standards, and drive long-term value creation in the luxury accommodation sector. The transition underscores Braemar’s commitment to adaptability and growth in the ever-evolving hospitality landscape.
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