Purple Hotel sold at auction for $8.3M

May 11, 2012 (CHICAGO)

The hotel, named for its unusually colored exterior, has sat empty since it closed in 2007. Its owners filed for bankruptcy protection in December. On Friday it sold for $8.3 million. That paves the way for a long-stalled development to move forward.

A $20 million redevelopment plan would include a boutique hotel with banquet and meeting space, plus 40 to 60,000 square feet of retail space.

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