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