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Fairmont Chicago Up for Sale |
CHICAGO � January 24, 2005 � On behalf of The
Swig Company, Jones Lang LaSalle Hotels has been appointed to market for
sale the 692-room Fairmont Chicago. The hotel is ideally located in the
heart of Chicago�s business district and a block away from the �Magnificent
Mile,� one of the premier shopping and residential addresses in the nation.
�The hotel is positioned to achieve RevPAR upside through strategic renovations, and improve margins through asset management, yield management and opportunities to close the ADR gap between the hotel and its luxury competition,� said Tom Fisher, executive vice president, Jones Lang LaSalle Hotels. �The Chicago MSA lodging market is currently at a cyclical low; offering an exceptional opportunity to acquire a strategic asset with the benefit of an improving economy and strengthening travel environment.� About The Swig Company The Swig Company (www.swigco.com) is a private investment company with over 60 years of history in development, ownership and management of commercial real estate properties in major markets in the United States. The Company�s current real estate holdings are part of a diversified portfolio and include over 7 million square feet of office buildings in markets such as New York, San Francisco and Southern California, over 1,500 full-service luxury hotel rooms, approximately 650,000 square feet of industrial space, assorted other credit-leased properties and several land parcels. The Swig Company�s primary investment mission is to add value to its investment portfolio through proactive asset-management, acquisitions, redevelopment projects, selective development projects and professional property management. About Jones Lang LaSalle Hotels Jones Lang LaSalle Hotels, the world�s leading hotel investment services group, provides clients with value-added investment opportunities and advice. |
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Contact:
Kristina Paider Jones Lang LaSalle Hotels +1 312 228 2107 |