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Jones Lang LaSalle Hotels arranged sale of The Westin Michigan Avenue-Chicago
Jones Lang LaSalle Hotels arranged the sale of The Westin Michigan Avenue on behalf of a subsidiary of Westin Hotels Limited Partnership (WHLP). The hotel was purchased by an affiliate of JER Partners. The 751-room property is a full-service, upscale hotel situated on an irreplaceable location on North Michigan Avenue, close to major tourist and retail attractions. The property features more than 37,000 square feet of flexible conference, banquet and pre-function space, as well as a fitness center and underground parking facilities.

The Westin Michigan Avenue offered investors a unique investment opportunity in an irreplaceable location. In addition, the property underwent more than $33 million in renovations in the last six years making it one of the premier lodging accommodations in the downtown Chicago marketplace, said Arthur Adler, managing director and CEO-Americas, Jones Lang LaSalle Hotels. The hotel is well positioned to attract corporate, leisure and convention business given its proximity to major tourist, retail and group demand generators. As s result, the sale is a win-win for both the buyer and seller. For WHLP, the property traded for a favorable capitalization rate, while JER has acquired a hotel with significant upside potential.

The hotel has achieved strong and stable historical operating performance which will further improve in the coming years as market-wide demand expands due to improved economic conditions, a strong convention calendar and the opening of yet another expansion to the McCormick Place Convention Center, said Tom Fisher, executive vice president for Jones Lang LaSalle Hotels. In addition, the property benefits from the strong Westin brand and the renowned Grill on the Alley restaurant. Vicky Karantzavelou - Wednesday, February 23, 2005