Lenox Suites Hotel Chicago
ILLINOIS – February 8, 2005 – Molinaro Koger announced today that they
advised North Rush Street Associates, LP in the sale of Lenox Suites Hotel,
Chicago, Illinois. The 324 all-suite hotel was purchased by James Hotels
who will manage the property and complete a comprehensive public space
and guest room renovation to position the hotel as a four-star destination.
“Given the property’s super-premium location, strong cash flow and recent VIP floor renovation, the Lenox Suites attracted significant investor interest,” said John Jameson, Managing Director of Molinaro Koger’s Chicago office, who structured the sale.
The 17-story hotel is located in the heart of downtown Chicago, one block west of Michigan Avenue's famous "Magnificent Mile" on the corner of Rush and Ontario Streets. Chicago's celebrated shopping, museums and restaurants are just steps from the hotel. The hotel features Houston’s restaurant as well as a new, fully refurbished VIP Premier Level on the 16th floor. Signature amenities for all guests include complimentary in-suite continental breakfast, weekday newspaper delivery and use of the Lenox Suites fitness center. The Lenox Suites Hotel has been a fixture in downtown Chicago since 1985 and has earned a reputation as one of the leading hotels for long and short-term corporate stays, as well as for leisure visitors and families.
The hotel is a member of Luxe Worldwide Hotels, a premier hotel representation company based in Los Angeles and comprised of more than 200 independently owned and operated hotels situated in prominent international locales. Located in a 1928 building, the landmark Lenox Suites Hotel is the only Chicago hotel in the Luxe Worldwide portfolio. The hotel’s affiliation with Luxe provides real time booking functionality, as well as online global sales, central reservations, marketing and eBusiness services.
For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com.
About Molinaro Koger
Molinaro Koger is an international hotel real estate advisory firm. The company structures hotel transactions of boutique through luxury market segment assets throughout the Americas and Europe. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Chicago, Cincinnati, Dallas, Los Angeles and Phoenix. Over the past decade the firm has captured the industry’s leading hotel transaction awards including Highest Volume, Largest Transaction and Salesman of the Year.
Joseph Molinaro founded the firm in 1959, and since then Molinaro Koger has successfully marketed hotel real estate, sponsored limited partnerships, and arranged financing for purchasers. Given the cyclical nature of real estate, the firm has weathered an array of highs and lows during the course of its 45-year history. Through this time, the company has grown and assisted clients in achieving their investment goals.
“With each lodging real estate cycle we gather strength, expertise and contacts enabling us to better serve our clients best interests, regardless of economic highs or lows,” says President Rob Koger. “The results we achieve are directly attributable to the commitment and expertise of our professional staff.”
Molinaro Koger can be accessed online at www.mkhotels.com.
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