Real estate firm Olshan Properties announced Monday it had purchased the Hilton Orrington, 1710 Orrington Ave., for nearly $60 million.

Olshan, a New York-based real estate firm, had been looking to expand into the Chicago area for some time, said Michael Odell, Olshan’s managing director of capital markets, in a news release.

The Hilton Orrington underwent a $5.1 million renovation this year to the hotel’s guestrooms, lobby and select meeting areas, according to the release. The hotel’s current owners, the Dow Hotel Company, purchased the 269-room hotel in June 2013 for $36.75 million.

Andrea Olshan, the firm’s CEO, said the company was excited to assume ownership of the Hilton Orrington, which is the sixth hotel and third Hilton under Olshan’s management.

“Not only does this newly-renovated property boast a fantastic location in one of Chicago’s hottest submarkets, but also is the market leader and hotel of choice for visitors to prestigious Northwestern University, as well as the greater Chicago region,” Olshan said in the release.

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