Jones Lang LaSalle Hotels announced that they have been engaged by Thor Equities to provide investment advisory and asset management services on the historic Palmer House Hilton in downtown Chicago. Thor Equities, which purchased the hotel in August, 2005, is nearing completion on a $150 million renovation, restoration and repositioning of the 1,640- room iconic property.

“As a world class provider of services to hotel owners, Jones Lang LaSalle Hotels is uniquely positioned to provide a broad range of services to ensure continued success on this major project. I am personally excited to continue my involvement on the repositioning of this unique property,” said Bruce Stemerman, managing director of asset management for Jones Lang LaSalle Hotels.

Stemerman has provided investment advisory services to Thor Equities since their acquisition of the hotel. “Working with Thor over the last two and a half years has been a terrific experience. They are remarkably sophisticated real estate investors and through a very focused and strategic approach towards this project, have already realized impressive success on this investment,” Stemerman said.

The renovation and restoration of the Palmer House Hilton, the longest continuously operating hotel in North America, is scheduled for completion in mid-2008. The $150 million project is one of the largest of its type in the history of the hotel business.