The hotel's market value is $48.47 million, according to its most recent property tax assessment. The Westin Chicago Limited Partnership has owned the 26-story hotel at the northeast corner of Michigan Avenue and Delaware Street since 1986.
Arthur Adler, a Jones Lang LaSalle Hotels managing director, said his company will market the hotel internationally. Added senior vice president Christoph Harle, "Since the full-scale renovation, the Westin Michigan Avenue's ADR and occupancy have continued to post solid increases. Backed by the current strength of Chicago's hotel and office markets, as well as infrastructure development, there is significant additional upside potential for the property."
Rates are about $170-$200 per night in a submarket that enjoyed a 74.2% occupancy rate at the end of 2000 and ADR of $154.89. However, the submarket has recently seen the entry of the Park Hyatt one block south of the Westin at Chicago Avenue, where the ADR is expected to be $350 this year.
Located across the street from the landmark John Hancock Building, the Westin's most frequent guests include professional athletes, particularly major-league baseball players in town to play the Cubs or White Sox.
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