The Dana Hotel & Spa in River North has a new owner and a new name: Eurostars Magnificent Mile.

An affiliate of Ponte Gadea, the real estate investment business of Spanish billionaire Amancio Ortega, paid $72.5 million, or about $336,000 a room, for the 216-room independent hotel at 660 N. State St. in late April, according to Cook County property records. Spanish chain Eurostars Hotel will run the property and is already marketing it on its website.

Ponte Gadea acquired the Dana from a venture led by Eugene Kornota and Anthony Klok, the Chicago developers who built the 26-story hotel. In Chicago, Ponte Gadea already owns the Esquire Theatre on Oak Street and the retail property at 730 N. Michigan Ave., whose tenants include Tiffany and Ralph Lauren.

Hotels in downtown Chicago have been a good investment over the past several years, with strong demand from tourists, business travelers and investors lifting occupancies, room rates and property values. But the next three years don’t look as good to Kornota, one reason he and Klok decided to sell. He expects rising labor costs and property taxes to cut into profits.

The hotel, which opened in 2008, cost about $60 million to build, he said. The developers used proceeds from the sale to pay off a $41.5 million mortgage on the property, county records show.

A Ponte Gadea executive did not immediately respond to an email. Ortega, who is best known as the founder of the Zara retail chain, is ranked sixth on Forbes' latest list of the world's richest people, with an estimated net worth of $64.7 billion.

The River North hotel will be the first in Chicago and 200th worldwide for Eurostars Hotel, according to a Eurostars statement. Primarily focused on Europe and South America, the Spanish chain also runs a hotel in New York and one in Miami, according to its website. The site offers a standard double room at the Chicago property for $222 this Saturday night.

Kornota and Klok, meanwhile, still have other properties to oversee, including the trendy Acme Hotel in River North and the Best Western Hawthorne Terrace in Lakeview. Their past projects include the Hotel Indigo in the Gold Coast, now called the Claridge House, which wound up in foreclosure several years ago.

The developers also own a site next door to the former Dana where they wanted to build a 15-story, 178-room hotel. But downtown Ald. Brendan Reilly, 42nd, rejected that proposal about two years ago. They’re still pondering their next move.

“We’re kind of in a holding pattern,” Kornota said. “We still own the site, but we have no immediate plans. We’re just considering our options.”

Real Deal Chicago first reported the news of the hotel sale.