CHICAGO-Miami-based multifamily developer Crescent Heights has paid more than $21 million for the landmark Raphael Hotel. The 172-room Gold Coast hotel at 201 E. Delaware Pl. was sold by White Plains-based Starwood Hotels & Resorts Worldwide Inc., which is now within $75 million of its goal to sell $500 million in assets in 2004-05.
Crescent Heights' local condominium projects include 30 E. Huron St., Park Place Tower at 655 W. Irving Park Rd. and Shoreline Park at 4920 N. Marine Dr. However, Crescent Heights will likely continue to welcome guests at the 69-year-old Raphael Hotel. "Crescent Heights views the Raphael as an exceptional strategic asset in an improving economy and strengthening travel environment," says Jones Lang LaSalle Hotels executive vice president Thomas Fisher, whose locally based group brokered the sale.
Crescent Heights' usual acquisition targets are high-rise or class A garden complexes costing $25 million or more. It does consider commercial properties with residential conversion possibilities, however.
While selling the asset east of the John Hancock Center for $6.5 million more than it paid for it in 1997, Starwood Hotels & Resorts has increased its presence in the Chicago market, having signed a management contract to run the 440-room Westin North Shore being built in north suburban Wheeling.
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