LaSalle to Acquire House of Blues Hotel in Chicago for $114.5 mil
CHICAGO, IL, February 23, 2006. LaSalle Hotel Properties Announces Contract to Acquire the House of Blues Hotel in Chicago, Illinois; 367-Room Hotel and Marina City Retail and Parking for $114.5 Million. LaSalle Hotel Properties (NYSE:LHO) announced it has signed an agreement to acquire the House of Blues Hotel in Chicago, Illinois and adjacent Marina City retail and parking facilities for $114.5 million.
The AAA Four Diamond, full-service hotel is located at 329 N. Dearborn, along the Chicago River, in the River North area, and is part of the Marina City mixed-use development. The 367-room hotel includes 34 suites and 333 guestrooms uniquely decorated with a mix of Gothic, Moroccan and East Indian influences using rich vibrant colors, patterns and finishes. Hotel guests can enjoy VIP access to the adjacent House of Blues music hall and restaurant.
The acquisition includes over 115,000 square feet of retail and restaurant space at Marina City and 896 parking spaces encompassing the first 17 floors of the two adjacent Marina City residential towers. Major retail tenants include Smith & Wollensky Steakhouse, Crunch Gym, BIN 36 Restaurant, 10Pin Bowling Lounge and Bank One.
The transaction is expected to close in the first quarter; however, it is subject to customary closing conditions and requirements. The Company makes no assurances that the property acquisition will close.
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