Jones Lang LaSalle Arranges Sale of Holiday Inn Chicago City Centre
FEBRUARY 1, 2007. On behalf of Stone-Levy, LLC, Investment Advisor to the Teachers' Retirement System of the State of Illinois, Jones Lang LaSalle Hotels arranged the sale of the Holiday Inn Chicago City Centre to CCC Hotel Partners, LLC - a joint venture between Oxford Lodging Advisory & Investment Group, LLC, of San Francisco, and Dubai Investment Group.
The 495-guestroom Holiday Inn Chicago City Centre is located directly between North Michigan Avenue and Navy Pier, the most heavily visited tourist attraction in Illinois. In addition to its thriving downtown Chicago location near some of the most acclaimed shopping, dining and entertainment venues in the nation, the hotel is also one half mile from the downtown "Loop." The downtown Chicago lodging market continues to experience strong operating results, increasing rates, favorable booking trends and is poised for significant growth in the near term.
"The downtown Chicago market remains one of the hottest hotel investment markets in the country. Investors have taken notice of the strong leisure and business demand fundamentals, favorable convention booking trends and new tourist demand generators. This interest resulted in strong competitive bids for the Holiday Inn Chicago City Centre," said Thomas Fisher, managing director, Jones Lang LaSalle Hotels in Chicago. "The property greatly benefits from its exceptional location in the growing Streeterville neighborhood. This fast-growing neighborhood is home to numerous new developments, several popular restaurants and Northwestern University Hospital."
"The asset, offered unencumbered by brand or management, was highly sought after. Over 25 different investor groups toured the asset and Oxford Lodging and Dubai Investment Group performed exactly as they promised," said Melinda McKay, senior vice president, Jones Lang LaSalle Hotels in Chicago. "Following new ownership's exciting, multi-million dollar property-wide design change and re-branding initiative, the hotel should be poised to outperform its competitors."
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