OAK BROOK, IL-RockBridge Partners, a division of RockBridge Capital LLC, has added a 172-room, full-service hotel to its portfolio. The Ohio buyer acquired the former Renaissance Oak Brook from General Growth Properties Inc. and plans a $21 million investment to convert the hotel into the Le Meridien Chicago at Oak Brook Center.
The property at 2100 Spring Rd. has been closed since spring, 2011 and will remain closed until renovations are completed. Once the renovations are finished, around fall of 2013, RockBridge will host a grand opening ceremony to introduce the redeveloped lobby, a new restaurant and fitness center to the public. The upgrades will also focus on refurbishing guest rooms and corridors. The hotel is adjacent to the two-million-square foot Oakbrook Center shopping mall, owned by General Growth.
“With the best location, a comprehensive renovation, and the strength of Starwood’s Le Meridien brand and Preferred Guest Program, we expect this hotel to be the market leader," says RockBridge president and CEO James T. Merkel in a press release. "We are very excited about this investment opportunity.”
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