A view of the Drake Hotel's Palm Court. The hotel is for sale for the first time in its history.

A view of the Drake Hotel's Palm Court. The hotel is for sale for the first time in its history.

The Drake Hotel is for sale and, according to sources, could bring as much as $250 million. The iconic spot on the Magnificent Mile has been host to celebrities, world leaders and tourists. Princess Diana, on her first and only trip to Chicago, stayed in the president's suite which is now renamed the Princess Diana Suite. (Read about her visit here)

The brokerage firm JLL is representing the hotel's owners, the Brashears family, which holds a controlling interest in the hotel and has since it opened in 1920, along with Acore Capital. Together, the two entities own 90% of the property.

The Brashears family sold the Drake in 1989 to a group headed by the Wexler family. A new management company then ran the hotel. The Brashears did this sale through their real estate group in Oak Brook called National Realty.

The hotel has 535 rooms and more than 200 feet of retail frontage along North Michigan Avenue.

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