JER Sells Chicago Westin to LaSalle - $214.7 mil
CHICAGO, IL, March 15, 2006. JER Partners has sold the Westin Michigan Avenue Hotel to LaSalle Hotel Properties for $214.7 million.
Located in Chicago's Magnificent Mile neighborhood, the 751-room hotel features underground parking, three retail stores and a full-service restaurant. It has 37,700 sf of meeting space, a gift shop and a WestinWORKOUT Fitness Center.
JER originally purchased the hotel in January 2005 and made a number of capital improvements to the property.
The firm also owns the 525-room, Westin O'Hare Airport Hotel in Rosemont, IL. It acquired that property in October 2005.
JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company.
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