the 362 suite Renaissance Chicago O'Hare Hotel
The Hotel Was Completed in 2003, But Never
Opened Under Original Ownership
|CHICAGO, November, 2004 — O’Hare Chicago Hotel LLC, a partnership comprised
of affiliates of Tishman Realty Corporation and JPMorgan Fleming Asset
Management on behalf of its institutional clients, recently closed on the
purchase of the 362-suite Renaissance Chicago O'Hare Hotel. The hotel
was completed in 2003, but never opened under its original ownership.
With the new ownership team now in place, the property will officially
open for business in February, 2005.
Tishman Hotel Corporation (THC) will manage the property as a Renaissance Hotels & Resorts franchise. Tishman Realty Corporation and Tishman Hotel Corporation are, respectively, leading U.S.-based Hotel Development/Acquisition and Hotel Management firms.
Renaissance Hotels & Resorts is an upscale, distinctive full-service hotel brand of Marriott International, Inc (NYSE: MAR). The brand is designed for quality-tier travelers who prize individuality and prefer distinctive hotels that enhance their enjoyment of travel.
The Renaissance Chicago O’Hare is a 15-story, all-suite hotel that includes an executive level floor. The lobby features a restaurant and 50-seat lounge. Other amenities include an indoor swimming pool and whirlpool, sauna, exercise room, gift shop and business center. For meetings and functions, the hotel provides 21,500 square feet of flexible space including a 5,000-square foot ballroom and up to 26 meeting rooms.
The Renaissance Chicago O'Hare is strategically located off Interstate 90, three miles east of Chicago’s International Airport, 8500 West Bryn Mawr Avenue, Chicago, Illinois 60631. The property benefits from its location within three miles of the Rosemont Theater and Donald E. Stephens Convention Center, four miles of the Allstate Arena, and 16 miles of Chicago’s Loop.
The new owners are in the midst of preparing the hotel for opening, including some interior upgrades of the hotel lobby, restaurant, meeting rooms, guestrooms, and corridors. The previous owner was represented in the deal by CB Richard Ellis.
Tishman Realty Corporation and Tishman Hotel Corporation
Tishman Realty Corporation (TRC) affiliates and partners own more than 7,300 rooms in the U.S. and Puerto Rico. Its properties include The Westin New York at Times Square; The Walt Disney World Swan and Dolphin Resort Hotels, and The Hilton in the Walt Disney World Resort in Orlando, FL; the Sheraton Chicago Hotel & Towers; The Westin Chicago River North; and The Westin Rio Mar Beach Golf Resort & Spa and the Sheraton Old San Juan in Puerto Rico.
Tishman Hotel Corporation (THC) is a leading U.S.-based Hotel Management firm, which also provides Asset Management and Hospitality Advisory services. THC manages 9,000 hotel rooms nationwide, in the Caribbean and Europe, and in conjunction with its affiliates, has provided services to more than 160 hotels totaling over 80,000 hotel rooms. Hotel Business magazine ranks THC as the #2 independent hotel management company in the nation.
Properties managed by THC affiliates include the Eldorado Hotel in Santa Fe, NM; the Goodwin Hotel in Hartford, CT; the Warner Center Marriott Woodland Hills in California; the Crown Plaza Harrisburg in Pennsylvania; and the Hotel 5A in New York.
TRC and THC are affiliates of Tishman Realty & Construction Co., Inc., one of the world’s premier real estate managers, developers, owners, builders, and advisors, founded in 1898 and headquartered in New York. For more information, please visit www.tishmanhotels.com.
JPMorgan Fleming Asset Management
As a part of J.P. Morgan Chase & Co., JPMorgan Fleming Asset Management is a global asset management leader providing world-class investment solutions to corporations, governments, institutions, endowments, foundations and individuals. With over $570 billion in global assets under management, JPMorgan Fleming offers global reach, local presence, and product leadership in every asset class for defined benefit and defined contribution pension plans, segregated accounts, proprietary and third party mutual funds, and high net worth individuals. Its 30-year history of successful investing and more than 100 real estate professionals who manage both private and public real estate portfolios evidence JPMorgan Fleming's commitment to real estate.
JPMorgan Fleming's broad investment capabilities and framework for analyzing opportunities in today's complex real estate markets provide critical insights for its institutional clients. Real estate research at JPMorgan Fleming draws on the work of economists, capital markets researchers, equity analysts, and fixed income specialists with strategic investment decisions being derived from all inputs.
Renaissance Hotels & Resorts
Renaissance Hotels & Resorts provides accommodations to business and leisure travelers and group meetings at 130 properties in 29 countries. The brand’s presence is strong in the U.S. and worldwide, with 64 properties in the U.S. and 66 properties throughout Europe, the Middle East and Asia.
Tishman Hotel Corporation
|Also See:||Contrarian Capital Management Acquires the The Crowne Plaza Hotel in Harrisburg, PA; Tishman Hotel Corp. Remains as Manager / March 2004|
|Tishman Realty and Puerto Rico’s Hotel Development Corporation Acquire the 240-room Wyndham Old San Juan Hotel & Casino; Will Rebrand Sheraton / February 2004|