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Magnificent Mile Hotel on the Market � 
Westin Michigan Avenue Chicago


Jones Lang LaSalle Hotels Appointed to Arrange Sale

 
Chicago, February 15, 2001 -  Jones Lang LaSalle Hotels has been appointed to arrange the sale of The Westin Michigan Avenue Chicago on behalf of The Westin Chicago Limited Partnership. This recently renovated, first-class asset is located at 909 North Michigan Avenue on Chicago�s famed Magnificent Mile in the central business district.  It contains 751 guest rooms and 23 suites.
According to Arthur Adler, Managing Director, Americas, of Jones Lang LaSalle Hotels, there is considerable anticipated interest in the Westin Michigan Avenue. �Given the asset quality, the recent substantial renovation and the property�s gateway city location, we expect strong interest from investors around the world and intend to aggressively market to domestic, Asian and European investors.�
 
�Since the full-scale renovation, the Westin Michigan Avenue�s ADR and occupancy have continued to post solid increases,� added Christoph Harle, Senior Vice President of Jones Lang LaSalle Hotels. �Backed by the current strength of Chicago�s hotel and office markets, as well as infrastructure development, there is significant additional upside potential for the property.

The hotel will continue to be operated under the Westin brand. The Westin Michigan Avenue is only one of two 


The Westin Michigan Avenue Chicago
909 North Michigan Avenue 
Chicago, IL
Westin Hotels in Chicago, and thus benefits from Westin�s loyal customer base, as well as the Starwood Preferred Guest program.

The Westin Michigan Avenue is located next to The John Hancock Building and The Water Tower Place on North Michigan Avenue at Delaware Street.  The property is ideally situated in the heart of the Magnificent Mile shopping district with numerous upscale retail stores and restaurants, taverns and entertainment venues within a four-block radius.

Jones Lang LaSalle Hotels, the leading hotel investment banking services group in the world, provides clients with value-added investment opportunities and advice.  Its recent two-year success story includes the sale of 17,027 hotel rooms to the value of $2.2 billion in 75 cities and advisory expertise for 200,036 rooms to the value of $29.8 billion across 278 cities.  Jones Lang LaSalle Hotels� services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research.  Jones Lang LaSalle (NYSE: JLL) is the world�s leading real estate services and investment management firm, operating across more than 100 key markets on five continents.

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Contact:
Leah Corrigan
Jones Lang LaSalle Hotels
+1 213 680 7964
[email protected]
www.joneslanglasallehotels.com

Also See Six Boutique Hotel Portfolio for Sale, Five California Coast Hotels and The Marshall House in Savannah, Georgia / Jan 2001
Atlantic City�s Tannen Towers Offered to Qualified Investors; Casino-Adjacent Property Available for Hotel or Timeshare Redevelopment / Oct 2000 
Four Hotels In Central Business District of U.S. Capital For Sale; Unencumbered, Washington, D.C. Hotel Portfolio Offered / Sept 2000 
Perisher Manor Ski Resort in Kosciuszko National Park, Australia - Is for Sale / August 2000 


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