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CHICAGO-The 200-room condominium-hotel being built within the 90-story Waterview Tower at 111 W. Wacker Dr. will be managed by Hong Kong-based Shangri-La Hotels and Resorts, its first US assignment. The hotel rooms are being sold by developer Waterview LLC to buyers who can use them and rent them out.

“Shangri-La Hotels and Resorts is regarded as Asia’s finest luxury hotel group,” says Waterview LLC chief executive officer Ivan Dvorak, whose company’s 1,050-foot tower will include 233 condominiums on the upper 59 floors. “It will play a significant role in putting Waterview Tower on the international map as well as making it the ultimate address in Chicago.”

Adds Shangri-La Hotels and Resorts chief executive officer Giovanni Angelini, “We took great care to find the very best location for our American debut, and we believe the Waterview Tower is the ideal launching pad for our brand within the US.”

Much the same claims have been made on the other side of the river, where Donald Trump is building a $650-million condominium tower with 227 hotel units on the site of the former Sun-Times building at 401 N. Wabash Ave. However, both Trump and Waterview LLC will be late arrivals to the hotel-condominium party, having been beaten to the punch by the prolific Falor Cos. With a penchant for buying older Downtown buildings and converting them to hotel condominiums, the Falor Cos.’ most recent acquisition is Hotel 71, formerly known as the Executive House. At 71 E. Wacker Dr., the 454-unit hotel also has views of the river and lake, and eventually, Trump International Hotel and Tower and Waterview Tower.

Waterview Tower, expected to be completed in 2009, is being built on a parking lot, the only undeveloped site on West Wacker Drive. The site at Wacker Drive and Clark Street has remained undeveloped for more than 30 years despite a location offering views of the Chicago River and Lake Michigan. The one-, two- and three-bedroom residential condominiums are on the market at $446,500 to more than $2.1 million.

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