Braemar Hotels & Resorts (BHR) said late Thursday it plans to transition the 415-room Sofitel Chicago Magnificent Mile to a franchise structure.
Under the franchise structure, the hotel will retain its current branding but will be managed by Remington Hospitality under its existing master hotel management agreement with Braemar.
Shares of Braemar Hotels & Resorts were down 1.3% in after-hours trading.
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