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Marriott Schaumburg Being Readied for Market

CHICAGO-Strategic Hotel Capital says it will test the market for its 398-room hotel at 50 N. Martingale Rd. in the second half of 2005 along with a 333-key Embassy Suites in Lake Buena Vista, FL. Meanwhile, the hotel REIT plans to renovate the retail space at the Hotel Intercontinental Downtown.

By Mark Ruda | Updated on May 11, 2005

CHICAGO-While embarking on an overhaul of the retail space at the Hotel Intercontinental here, Strategic Hotel Capital may sell its Marriott Schaumburg later this year. President and chief executive officer Laurence S. Geller says the hotel and resort REIT will test the market for the 398-room hotel at 50 N. Martingale Rd. in the second half of 2005 along with a 333-key Embassy Suites in Lake Buena Vista, FL.

The Schaumburg property posted a 54.1% increase in earnings in the first quarter before interest, taxes, debt and amortization compared to the same period last year, even though total revenue increased just 0.4% to $3.3 million. Average occupancy during the quarter was 58.2%, less than a percentage point better than 2004, with total revenue per available room of $97.50.

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