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Buckwild For The Drake

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Developer John Buck has purchased a 5% stake in the parcel of land the Drake Hotel sits on for $7.5 million. The Drake Hotel and the land it stands on are owned separately and Buck's first attempt to purchase 20% of the Drake parcel last year was blocked by the hotel owner who said "Not so fast!" and exercised its right of first refusal to purchase the stake itself. On the same day Buck made the purchase for his small stake, the hotel owner upped its ownership in the parcel and bought an additional 10%. Is Buck positioning for a move to overtake the Drake? [Chicago Real Estate Daily]