Jones Lang LaSalle Hotels Has Arranged the Sale of The Raphael
A boutique hotel located in the heart of downtown Chicago's Magnificent Mile
CHICAGO, IL, August 5, 2005. Jones Lang LaSalle Hotels announced today that it has arranged the sale of The Raphael hotel on behalf of Starwood Hotels & Resorts Worldwide, Inc. to Crescent Heights.
The Raphael is a boutique hotel featuring 172 spacious guestrooms, two meeting rooms, a business center and a Penthouse level with various re-development opportunities. Its address in the heart of Chicago's "Magnificent Mile" makes it an irreplaceable location with high barriers to entry.
"As one of the nation's premier convention, corporate and leisure destinations, Chicago's MSA lodging market is poised for strong growth. Crescent Heights views The Raphael as an exceptional strategic asset in an improving economy and strengthening travel environment," said Thomas Fisher, an executive vice president for Jones Lang LaSalle Hotels in Chicago. "Investors recognize that Chicago is poised for significant growth in the coming years, which has resulted in strong competitive bids for our clients who are selling hotels in the Chicago market."
"Underpinning the positive outlook for the Chicago MSA lodging market is its status as a dominant business and economic center in the U.S. The region's central location, excellent infrastructure and cultural amenities draw increasing numbers of travelers, which in turn, drives demand for hotel accommodations," said Melinda McKay, a senior vice president for Jones Lang LaSalle Hotels in Chicago.
The closing of the sale of The Raphael hotel marks the sixth Chicago-area hotel sold by Jones Lang LaSalle Hotels this year. These sales reinforce the strong investor interest in the greater Chicago area.
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