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Loews to Buy Hotel Near Chicago Airport in Midwest Push

Loews Corp., the holding company controlled by New York’s Tisch family, agreed to buy the InterContinental Chicago O’Hare Hotel to expand its portfolio in the U.S. Midwest.

Loews is purchasing the 556-room property from New York’s Amalgamated Bank and expects the sale to be completed in late July, said Sarah Murov, a spokesman for the buyer. The hotel has more than 53,000 square feet (4,900 square meters) of meeting and event space, and is less than 2 miles (3.2 kilometers) from Chicago’s largest airport, Loews said in a statement today that didn’t disclose terms.