During its six-year hold, the selling partnership had investedabout $15 million into upgrades of the hotel at 2525 W. Loop South.Thomas Fisher, managing director for Jones Lang LaSalle Hotels'Chicago office, says market timing and fund parameters promptedpartners Angelo, Gordon & Co. in New York City and AmerimarEnterprises Inc. from Philadelphia to sell the asset.

"We received close to 10 bids on the project," says Fisher, whoteamed with Jeffrey Davis, JLL Hotels' executive vice president inNew York City. Fisher tells GlobeSt.com that the Warburg-Crestlinejoint venture provided management expertise as well as a strongfund looking for solid real estate assets for investment. "Thispartnership saw an opportunity to continue the asset's continuedgrowth and market penetration," he adds.

Crestline Hotels & Resorts, headquartered in McLean, VA,will take over the hotel's management from Amerimar Enterprises.Fisher says the new owners most likely will make some minorupgrades to the hotel, but no major renovations are needed.