 CHICAGO,
Feb. 2, 2006 - The Fordham Company today announced the acquisition and
redevelopment of Chicago's famed Ambassador East Hotel, located at 1301
N. State Parkway in Chicago's Gold Coast neighborhood. The complete transformation
of the classic 1926 hotel will include exquisite condominium-hotel units
designed by Laurie Miller and a revitalized Pump Room. Financing was provided
by Fremont Investment and Loan.
"With an incredible team in place that has their fingers on the pulse
of design, culinary treasures, exciting entertainment and high-end hotel
management, we will re-establish the Ambassador East as one of Chicago's
finest destinations," said Christopher Carley, chairman of The Fordham
Company. The property will include one of Chicago's finest spa and fitness
centers and a new indoor pool, subject to city approval.
"By beautifully appointing every room and leisure area in the Ambassador
East, its elegance, charm and legacy will be restored and rebranded immediately
as a new classic."
The Fordham Company, a leading developer of residential buildings in
Chicago, including the planned Fordham Spire by Santiago Calatrava, the
beautiful eight-story 65 E. Goethe, the award-winning Fordham at 25 E.
Superior and the Pinnacle at 21 E. Huron, has begun taking reservations
for the distinguished condominium-hotel units at the Ambassador East. They
range in size from approximately 300 to 1,500 square feet, and prices range
from $275,000 to $1,400,000.
Carley has established an outstanding partnership with a seasoned management
team for the redevelopment project, including:
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Chicago, Ill.-based Portfolio Hotels and Resorts, led by Helmut Horn, president,
who also served as general manager of the Ambassador East during its height
of popularity, and Graham Hershman, COO. Portfolio manages destination
resorts and urban hotels, and provides asset management and consultation
services for owners and investors.
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Oak Brook, Ill.-based Mid-America Development Partners, LLC, led by David
P. Bossy, president, and Michael D. Firsel, principal and CEO. Mid-America
is a full-service real estate development firm committed to creating functional,
attractive developments that enhance their surrounding communities.
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Lombard, Ill.-based The Harp Group, led by Peter G. Dumon, president, and
Timothy G. Franzen, senior vice president. The Harp Group specializes in
hospitality and retail development and brands itself as a "value creation
enterprise" that strives for uniqueness in every project.
The Ambassador East Hotel has become a part of the Preferred Hotel Group,
which features worldwide premier hotels, including The Peninsula Chicago
and Hard Rock Hotel Chicago. The Ambassador East is rich in Chicago tradition.
For nearly 80 years, movie stars have called it their home away from Hollywood
and dined at the hotel's famed Pump Room. The Ambassador East has been
the setting for many movies, including Alfred Hitchcock's North by Northwest
and My Body Guard.
ABOUT THE FORDHAM COMPANY
Founded in Chicago in 1988 by Christopher T. Carley, The Fordham Company
is one of the Midwest's premier developers of high-end residences. Renowned
for their five-star amenities, these exceptional properties attain a new
level of luxury while fitting seamlessly into their environment. The Fordham
style is unmistakable: unsurpassed architectural detail; unstinting quality;
magnificent locations; and unsparing attention to ambiance, character,
service and comfort. In all, Fordham Company's management has developed
more than 16,000 residences. It is considered the city's foremost high-end
developer, with more than $500 million in residences currently under development.
In addition to its luxury residential developments, The Fordham Company's
wide-ranging experience includes land development, property management,
financial consulting, market research and feasibility analysis, and packaging
of debt and equity offerings. The company's extensive scope of services
and skill in their execution has made Fordham an acknowledged leader in
the real estate community. With this strong reputation for high-quality
product and unparalleled customer care, the Fordham Company has created
a model of residential development, by which all others are compared.
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