Jones Lang LaSalle Hotels Closes on $600 Million in U.S. Hotels in August & September
Firm closes on record-breaking Chicago trophy assets including Palmer House Hilton and Chicago Fairm
CHICAGO, IL, October 6, 2005. Jones Lang LaSalle Hotels announced today that it has closed on nearly $600 million in full service hotel sales throughout the U.S. in August and September.
Topping its list of transactions is the Palmer House Hilton sale, which Jones Lang LaSalle Hotels arranged on behalf of Hilton Hotels Corporation to Thor Equities for $230 million. In addition, Jones Lang LaSalle Hotels arranged the sale of the Fairmont Chicago on behalf of The Swig Company to Strategic Hotel Capital for $154.7 million, bringing the firm's total sales in the Chicago market alone to more than $600 million to date this year.
"At $230 million, the sale of the Palmer House Hilton represents the largest hotel sale in Chicago history. The Fairmont Chicago represents the third largest hotel sale in Chicago history at $154.7 million, following the sale of the 1,176-room Downtown Chicago Marriott, which traded for approximately $175 million in 2000," said Arthur Adler, managing director and CEO-Americas for Jones Lang LaSalle Hotels. "We are pleased to have represented The Swig Co. and Hilton Hotels Corporation on the sale of their trophy assets."
"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," said Thomas Fisher, executive vice president for Jones Lang LaSalle Hotels in Chicago. The closing of the sale of the Fairmont Chicago marks the marks the eighth Chicago-area hotel sold by Jones Lang LaSalle Hotels this year, following the Palmer House Hilton, Westin Michigan Avenue, Hyatt Oak Brook, Wyndham Drake, The Raphael, Ramada O'Hare and Sheraton Chicago Northwest. These sales reinforce the strong investor interest in the greater Chicago area.
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