Palmer House Hilton up for sale

The exterior of the Palmer House Hilton in Chicago is seen in this AP file image. (AP Photo/M. Spencer Green)

May 22, 2013 3:48:03 PM PDT
One of Chicago's best-known hotels is up for sale.

Crain's Chicago Business says Thor Equities, the owners of the Palmer House Hilton, have hired a company to find a buyer.

The paper says the asking price could be around $500 million.

The hotel was built at the corner of State and Monroe in 1873 by Chicago businessman Potter Palmer.