The projected earnings before interest, taxes, depreciation and amortization of $13.5 million to $14.5 million in 2006. Fairmont Hotels Inc. will stay on as manager of the 38-story property at 200 N. Columbus Dr., according to Strategic Hotel Capital. "We look forward to capitalizing on the strengthening Chicago market given strong convention bookings for 2006, and the property's proximity to Millennium Park," says Strategic Hotel Capital chief executive officer Laurence Geller.

In addition to 62,000 sf of meeting space and the Aria Restaurant, the hotel overlooks the 24-acre Millennium Park as well as Lakeshore East, a $2.5-billion mixed-use community under development. Room rates at the Fairmont Chicago range from $249 to $289 per night.

Built in 1985, the hotel most recently changed hands in 1996, selling for $92.7 million. Fairmont Chicago is Swig Co.'s only holding here, in a portfolio devoted primarily to office assets, with a high concentration in California.