The Greenwich Group International
|Oak Brook, IL: August 3, 2005 - The Greenwich Group International has
arranged the sale of the 384-room Oak Brook Hills Resort & Conference
Center in Oak Brook, Illinois, on behalf of Cornerstone Real Estate Advisers
of Hartford, CT. Cornerstone, an indirect, wholly-owned subsidiary
of the MassMutual Financial Group, manages over $6 billion on behalf of
a number of major public and corporate pension funds, foundations and union
funds. The firm invests in private and public equity real estate interests.
The buyer of the property was DiamondRock Hospitality Company (NYSE: DRH).
Oak Brook Hills Resort, located twenty miles west of Chicago in an affluent community, is regarded as one of the top conference resort properties in the Midwest United States. The property is situated on 127 acres and includes an 18-hole golf course, the Willow Crest Golf Club and over 43,000 square feet of meeting and conference space. Oak Brook Hills Resort, which was operated by Dolce International, will now be operated by Marriott International as the Oak Brook Hills Marriott Resort.
The transaction was arranged by The Greenwich Group International LLC. Neil Teplica, Managing Director of the Hotel Group at The Greenwich Group, said, "We had a strong response to this offering. DiamondRock's plan to upgrade the property through extensive physical and operational changes enabled them to prevail and purchase the property."
The Greenwich Group International, headquartered in New York, is a world leader in real estate investment banking, with offices in nine cities on four continents. The Greenwich Group's Hotel Group is active in sales, financings, recapitalizations and development.
Mr. Neil Teplica