Thor Equities buys landmark Chicago hotel.Thor Equities and Hilton Hotels Corporation Hilton Hotels Corporation (NYSE: HLT) is one of the leading global hospitality companies. As of April 2007 there are 2,645 hotels and 485,000 rooms employing 105,000 people in more than 80 countries. announced that Thor, through an affiliate, has acquired the historic Palmer House This article is about the hotel in Chicago. For the Sauk Centre hotel, see The Palmer House (Sauk Centre). For Potter Palmer's mansion, see Palmer Mansion The Palmer House Hilton is a famous and historic hotel in downtown Chicago. Hilton in Chicago from Hilton for $230 million. The legendary property is now expected to undergo a renovation in excess of $100 million. Thor, which specializes in the acquisition and redevelopment of assets in urban settings, will include the creation of an exciting new retail center at the hotel's base that will strengthen the State Street shopping district and serve the prestigious businesses located in the downtown Loop. Hilton will continue to operate the property under the terms of a long-term management contract. "The Palmer House Hotel is a welcome addition to Thor's outstanding portfolio of properties," said Joseph J. Sitt, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Thor Equities. "This historic site enjoys a reputation as one of America's grandest and most beloved hotels. We are excited by the opportunity to further improve its stature stature /sta·ture/ (stach´ur) the height or tallness of a person standing.stat´ural stat·ure n. The height of a person. stature the height of an animal in the standing position. through a $100 million renovation that will add an exciting new retail wing to the base of the hotel." "This extraordinary property has played an important role at Hilton Hotels Corporation ever since Conrad Hilton Conrad Nicholson Hilton, Sr. (December 25, 1887–January 3, 1979) was an American hotelier and founder of the Hilton Hotel chain. Biography Conrad Nicholson Hilton was born in Socorro County, New Mexico, to Augustus Halvorson “Gus” Hilton (August 21, purchased it back in December of 1945," said Robert M. La Forgia, senior vice president and chief financial officer of Hilton Hotels Corporation. "The Palmer House Hilton remains one of the world's leading hotels and that is why we are delighted that our outstanding owner, Thor, is dedicating the resources necessary to complete the renovations that will restore this important property to its legendary grandeur." Among the most famous hotels in the world, the Palmer House was built by wealthy entrepreneur Potter Palmer Potter Palmer (1826 - 1902) was a Chicago businessman who was responsible for much of the development of State Street. Potter Palmer founded a dry goods store on Lake Street in Chicago in 1852, eponymously named Potter Palmer and Company. and opened on September 26, 1871. It burned to the ground 13 days later in the Great Chicago Fire Great Chicago Fire destroyed much of Chicago; it was supposedly started when Mrs. O’Leary’s cow kicked over a lantern (1871). [Am. Hist.: Payton, 141] See : Fire . Undaunted, Potter Palmer started construction on a new hotel across the street from the former building and re-opened it in July 1873 as the first hotel to be equipped with electric lights and telephones in each room. |
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