Braemar Hotels & Resorts enters franchise agreement for Sofitel Chicago

Braemar Hotels & Resorts announced its plans to transition the 415-room Sofitel Chicago Magnificent Mile to a franchise structure. Under the franchise structure, the hotel will continue to be the Sofitel Chicago Magnificent Mile, but will be managed by Remington Hospitality under the existing terms of its master hotel management agreement with Braemar. In connection with the conversion, which is expected to be effective in May, Remington Hospitality will give offers for all employees employed on the conversion date to remain in their current positions as employees of a subsidiary of Remington Hospitality. There is no required property improvement plan associated with the conversion, but the company does plan to renovate the lobby, restaurant, and meeting space over the next two years.