May 03. 2012 1:00PM - Last modified: May 03. 2012 1:05PM

Streeterville hotel to be converted to Hyatt

A California-based hotel owner plans to pay more than $88 million for the Wyndham Chicago in Streeterville and rebrand the property the Hyatt Chicago Magnificent Mile.

Sunstone Hotel Investors Inc. said it would finance the deal with $30 million in cash and by issuing $58.4 million in stock to the seller, an affiliate of the Blackstone Group, a New York-based private-equity firm.

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