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JER Partners Buys Mag Mile Westin for $137M

CHICAGO-The hotel property, located in the famed North Michigan Avenue shopping district, is getting a $22-million makeover, but will continue to be a Westin managed by Starwood.

By Dees Stribling | Updated on January 27, 2005

CHICAGO-JER Partners, a Virginia-based real estate investment firm, has acquired the 751-room Westin Michigan Avenue hotel here for $137 million from a subsidiary of Westin Hotels Limited Partnership, which is about 25% owned by Westin’s parent, Starwood Hotels & Resorts Worldwide. Starwood will continue to manage the hotel, which will also continue to be under the Westin flag, as it has been for about 25 years.

A factor in the deal is the hotel’s $22-million renovation, which will be complete in the spring. Among other things, the lobby is being redesigned, along with the hotel’s 35,000 sf of banquet space and meeting rooms, and its fitness facility. “It’s our intention to continue to commit capital resources to the hotel, with the aim of improving the overall guest experience,” notes Cia Buckley, senior managing director of North American investments at JER Partners.

JER Partners has been active in the Chicago market recently, most notably in acquiring parcels in the Streeterville neighborhood–an upscale district near North Michigan Avenue–for multifamily development. The firm has hired LR Development to develop those parcels.

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