The sale was part of White Plains, NY-based Starwood Hotels & Resorts' plan to sell $500 million in assets this year. However, the most recent deal puts the company's 2005 sales volume past $1.1 billion. JER Partners had no immediate comment on their plans for the hotel, near O'Hare International Airport as well as the Kennedy Expressway and Chicago Transit Authority Blue Line.
In addition to its two Westin buys, JER Partners also has invested in a pair of New East Side multifamily projects. It provided mezzanine financing for the 344-unit 340 on the Park at 340 E. Randolph St. this year after investing in the 159-unit Riverview II project along Lake Shore Drive.
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