LINCOLNWOOD --The Lincolnwood hotel that was once dubbed "the place to be and to be seen" has been sold. The Purple Hotel, located near 4500 West Touhy, was sold for a reported $27 million. The deal could lead to the demolition of the building. The hotel's reputation has declined in the last couple of decades. A community developer confirms the village has zoned the parcel for a mix of retail, office and residences.