Sonnenblick Goldman arranges $117m hotel sale.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY: Sonnenblick Goldman, serving as the exclusive advisor to a joint venture between Westbrook Partners, Walton Street Walton Street is a street in central Oxford, England, located in the heart of the area known as Jericho. The street runs north from the western end of Beaumont Street where the main entrance of Worcester College is located. Capital and Lodging Capital Partners, has arranged the $117.5 million sale of the fee-simple interest in the Conrad Chicago Hotel to DiamondRock Hospitality. The hotel is located on prestigious North Michigan Avenue in the heart of Chicago's Magnificent Mile The Magnificent Mile is the portion of Michigan Avenue in Chicago, Illinois extending from the Chicago River to Oak Street in Near North Side community area.[1] . The 17-story hotel, renowned for its luxurious furnishings, outstanding location and its high-quality service, opened in 2001 under the Le Meridien flag. Current ownership acquired the hotel in 2005 and implemented a $5 million capital improvement plan that upgraded the asset to five-diamond quality. Upon completion of this investment, ownership retained Conrad Hotels Conrad Hotels is a luxury hotel brand controlled by Hilton Hotels Corporation and is based in Beverly Hills, California. History The chain was founded in 1982. At that time, Hilton and Hilton International were completely separate companies. as manger manger cattle trough which served as crib for Christ. [N.T.: Luke 2:7] See : Nativity , which is one of Hilton Hotel's premier luxury brands. "The combination of the asset quality, ideal location, strong Chicago market fundamentals and the affiliation with the internationally-recognized Conrad brand rendered this a unique opportunity for the buyer to acquire one of Chicago's best hotels," said Mark J. Gordon, managing director and principal of Sonnenblick Goldman and head of the firm's International Lodging & Leisure Group. "The combination of these qualities resulted in significant interest from the international hotel community." The hotel contains 311 guestrooms--including 33 oversized o·ver·size n. 1. A size that is larger than usual. 2. An oversize article or object. adj. o·ver·size also o·ver·sized Larger in size than usual or necessary. suites--featuring Pratesi bed linens, L'Occitane bath products, iPod docking stations, Bose 3-2-1 Hi-Fi entertainment systems, 42-inch Plasma screen televisions and wireless internet. The property also features three food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. venues, including The Terrace at Conrad, and more than 12,000 square feet of meeting space. "The property's location within Chicago's central business district and proximity to 'The Loop,' River North and North Michigan Avenue districts, successfully positions the hotel among competing upper-scale and luxury hotels," commented Svetlin Ganchev, vice president of Sonnenblick Goldman. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion