Officials confirmed early Wednesday afternoon the controversial Hotel Chateau on North Broadway has been sold to local investors.

Ald. James Cappleman (46th) posted a statement on his website regarding the sale, saying he's been diligently working to increase public safety in and around Hotel Chateau. More info: Rumored Sale of Hotel Chateau has Area Residents Buzzing The statement reads as follows:

The property located at 3838 N. Broadway (commonly known as the Chateau Hotel) has been sold to a local group of investors and is being held in a land trust. More details about the new owners will be shared at the housing court hearing on January 29th at 11:00 a.m. Last year, I asked the City of Chicago to conduct a series of inspections that led to over one hundred building code violations. Concerns with violent crime, loitering, drug dealing, and public intoxication were also common in and around the property.

I organized meetings with residents of the Chateau Hotel, community members, and local housing organizations requesting better management of the property owner. Unfortunately, the property owner was not responsive to the community's concerns. To view a copy of his letter to me, click here. When I took office, one of my top priorities was to increase public safety for the residents that live in and around Chateau Hotel. This sends a clear message to other building owners in the 46th Ward that we require a safe environment for their residents and the surrounding community. Everyone deserves a safe and secure home. I will be working with the new owners and the current residents to address their concerns about housing.

Best,

Ald. James Cappleman

This comes more than a week after rumors began circulating regarding a potential sale. While the real estate investor was not identified as of 6 p.m. on Wednesday, sources have suggested it may be BJB Partners LLC.

The company is also slated to buy Abbott Hotel in Lake View, another single-room occupancy dwelling. Stay with Lake View Patch as this story develops.