JER Partners Acquires Westin O'Hare Airport Hotel for $106 Million
MCLEAN, VA, October 25, 2005. JER Partners, the private equity investment arm of the J.E. Robert Companies, has acquired the Westin O'Hare Airport Hotel in Rosemont, Illinois from Starwood Hotels & Resorts Worldwide, Inc. for $106 million. The Westin O'Hare Airport Hotel is a 525-room full-service hotel located approximately two miles east of O'Hare International Airport. Starwood will continue to manage the hotel under its Westin flag. The 665,000 square foot hotel includes a twelve-story guestroom tower, indoor pool, main hotel lobby, restaurant and lounge, ballrooms with pre-function space, amphitheater, fitness center, caf'e, and business center. It contains approximately 43,800 square feet of meeting and banquet space.
In the last several years, the hotel has undergone extensive renovations, including a complete refurbishment of the rooms, lobby and 80% of the meeting and function space. Upon completion of the renovation work, the hotel was awarded a AAA four-diamond rating. The Westin O'Hare Airport Hotel is the only AAA four-diamond rated hotel in the O'Hare submarket. JER intends to capitalize on the hotel's strong competitive position in the market by catering to corporate transient clients.
This acquisition marks the second Westin hotel for JER in the Chicago market In January 2005, JER acquired the 751-room Westin Michigan Avenue Hotel. Starwood also manages that hotel for JER.
"The acquisition of this hotel allows JER to further leverage our hospitality experience in Chicago. JER has a strong working relationship with the Starwood team and has an aggressive strategy to capitalize on the strength of the Chicago hospitality market and the Westin brand," said Cia Buckley, Senior Managing Director of North American Fund Investment Management at JER.
JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 24 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe. Most of JER's investments are in office, retail, multi-family and industrial properties. Other areas of investment include commercial mortgage backed securities ("CMBS"), hospitality, healthcare related real estate and mezzanine financing. For more information on JER, please visit www.jer.com.
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