The Atlanta-based partnership that sold the hotel marketed theproperty quietly, says Molinaro Koger managing director JohnJameson, whose company brokered the sale. "It became apparent earlyin negotiations that The Harp Group and Mid-America DevelopmentPartners would be the most likely buyer for getting the transactioncompleted in a timely manner due to their vast knowledge of thewestern suburbs," he adds.

The hotel will undergo renovations, according to the new owners,hoping to target both the leisure and business markets once theproject is completed, says Harp Group president Peter G. Dumon.Once the renovation is complete, Chicago-based Portfolio Hotels& Resorts will manage the property. Their assignments includethe 200-room Everlee Hotel in the city's Lincoln Park neighborhoodas well as two properties in northwest suburban Des Plaines, a144-room LaQuinta Inn and 260-key Hilton Suites.

While Harp Group is based in Chicago and Mid-America DevelopmentPartners is headquartered in Oak Brook, AMC Delancey is aPhiladelphia-based company. The group used Andrew Benioff ofPhiladelphia-based Remington Financial Group as its investmentbanker. Financing came from Anglo Irish Bank.