Jones Lang LaSalle Hotels arranged the sale on behalf of theseller, the Teachers' Retirement System of the State of Illinois.The joint venture, CCC Hotel Partners LLC, purchased the 495-roomhotel for an amount in the mid-$80 million range, sources tellGlobeSt.com.
The 26-story building will be renamed the Chicago City CentreHotel & Sports Club. The rooms will be renovated in addition to"other return on investment capital projects," says Thomas Fisher,managing director of Jones Lang LaSalle Hotels.
More than 25 different groups toured the hotel. "It had a lot ofinterest," says Fisher. The hotel drew the attention of potentialbuyers because of its downtown location, the current hotel marketand the fact that "management and brand were available," Fishersays. "Given the state of the Chicago lodging market which is verystrong, they saw a big opportunity to invest."
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