Thor Equities Buys Hilton’s Palmer House

Thor Equities, which redevelops urban real estate, said it had bought the Palmer House Hilton in Chicago from Hilton Hotels Corp. for $230 million and would spend more than $100 million to renovate the property.

Thor’s renovation of the hotel, which Hilton Hotels founder Conrad Hilton purchased in 1945, will include the addition of a retail center, the companies said. Hilton, based in Beverly Hills, will continue to manage the hotel.