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CHICAGO-The Westin Michigan Avenue hotel, which went on the market in 2001, appears likely to change hands this year. Starwood Hotels & Resorts Worldwide, Inc. has joined the bidding for the property on the Magnificent Mile, announcing it may make an offer for the 135,600 limited partnership units of Westin Hotels Limited Partnership, current owner of the 774-room property just across Delaware Place from the John Hancock building.

The White Plains, NY-based hotel company says it would be competing against two unsolicited tender offers. One is less than $10.7 million for a 15% stake, the other is a $44-million offer for a 59% stake. The latter offer, which expires Aug. 29, would put the value of the entire property at nearly $75 million.

Starwood Hotels & Resorts says its offer would have one condition, owners of at least 50% of the Westin Hotels Limited Partnership units would have to tender their shares.

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