If you’re planning a trip to Chicago and considering staying at the luxurious Drake Hotel, you may be curious about who owns this iconic property.
Well, you’re in luck! In this article, we’ll explore the ownership of the Drake Hotel in Chicago, as well as its rich history and notable features.
Whether you’re a history buff, a luxury traveler, or just curious about the famous hotel, keep reading to discover everything you need to know about the ownership of the Drake Hotel in Chicago.
Early Ownership and Development
John B. Drake and Tracy Corey Drake, two brothers from a prominent Chicago family, founded The Drake Hotel in the early 20th century. Based on research from The Drake Hotel’s official website, the construction of the hotel commenced in 1919, and its doors were opened to the public on New Year’s Eve in 1920. In its early years, The Drake Hotel quickly became a preferred destination for many prominent guests and hosted a plethora of significant events.
- It is worth mentioning that the hotel has welcomed various celebrities, politicians, and royalty, such as Winston Churchill, Marilyn Monroe, and Princess Diana.
- On the other hand, The Drake Hotel has also been the setting for iconic cultural events, including the legendary Black and White Ball hosted by Truman Capote in 1966.
Keep in mind that the hotel’s early success can be attributed to its luxurious accommodations and exceptional service, which continue to be an integral part of its charm and appeal today.
Over the years, The Drake Hotel has experienced several changes in ownership. In 1996, the Hilton Hotels Corporation acquired the property, according to The Chicago Tribune. This acquisition had a significant impact on the hotel’s operations and reputation, as it became a part of the prestigious Hilton brand, which is known for its luxurious offerings and exceptional service.
Unfortunately, ownership of The Drake Hotel changed hands multiple times in the following years:
- In 2007, Blackstone Group purchased the Hilton Hotels Corporation, including The Drake Hotel, as reported by The New York Times.
- Subsequently, in 2014, China’s Anbang Insurance Group acquired a stake in the hotel as part of their acquisition of the Waldorf Astoria brand from Blackstone, according to Reuters.
- Finally, in 2019, Adventurous Journeys (AJ) Capital Partners purchased The Drake Hotel from Anbang Insurance Group, as mentioned on The Real Deal.
Despite these ownership changes, the hotel has managed to maintain its iconic status and historical charm throughout the years.
As of now, The Drake Hotel is owned by Adventurous Journeys (AJ) Capital Partners, a private real estate firm specializing in hospitality properties. Based on research from AJ Capital Partners’ official website, the company is known for its focus on unique and iconic assets, and it has a diverse portfolio of hotels, resorts, and other properties across the United States and abroad. In August 2019, AJ Capital Partners acquired The Drake Hotel from Anbang Insurance Group, as mentioned on The Real Deal.
Despite the change in ownership, the hotel’s management continues to be under the umbrella of the Hilton Hotels Corporation. This partnership allows The Drake Hotel to benefit from Hilton’s extensive expertise, resources, and global network. According to Hilton’s official website, The Drake Hotel remains a key player in the Hilton portfolio and is part of the prestigious Hilton Honors loyalty program, which enables guests to earn points and enjoy exclusive benefits during their stays.
Future Plans for The Drake Hotel
With the current ownership under Adventurous Journeys (AJ) Capital Partners, there are several plans in place for the future of The Drake Hotel to ensure its continued success and prominence within the Chicago hotel industry.
Renovations and improvements are on the horizon for the hotel, as AJ Capital Partners is known for investing in the enhancement of their properties. It is worth mentioning that these updates will likely focus on modernizing the hotel’s amenities and facilities while preserving its historical charm and elegance.
Moreover, maintaining the hotel’s historic status is a priority for the owners. According to The Drake Hotel’s official website, the hotel is listed in the National Register of Historic Places, which reinforces its significance in Chicago’s history. AJ Capital Partners will likely take measures to preserve the hotel’s architectural integrity and distinctive character while implementing any necessary improvements.
Lastly, marketing and positioning within the Chicago hotel industry will play a crucial role in The Drake Hotel’s ongoing success. By collaborating with the Hilton Hotels Corporation for management and leveraging the Hilton Honors loyalty program, The Drake Hotel is well-positioned to attract both local and international guests seeking a luxurious and historically rich experience in the heart of Chicago.
In conclusion, The Drake Hotel has experienced a fascinating journey of ownership changes since its founding in 1920 by John B. Drake and Tracy Corey Drake. Over the years, the hotel has been acquired by the Hilton Hotels Corporation, followed by the Blackstone Group and Anbang Insurance Group, and is now owned by Adventurous Journeys (AJ) Capital Partners.
Understanding the hotel’s ownership history is crucial in appreciating its legacy and the role it has played in shaping Chicago’s hospitality landscape. Despite the changes in ownership, The Drake Hotel has managed to maintain its historical charm and iconic status, attracting a diverse array of prominent guests and hosting significant events.
As The Drake Hotel continues to thrive under the management of the Hilton Hotels Corporation and with the backing of AJ Capital Partners, it is poised to remain a prominent symbol of luxury and elegance in Chicago and beyond. The hotel’s future is bright, with plans for renovations and improvements, a commitment to preserving its historic status, and strategic marketing and positioning within the industry.