The acquisition is locally-based Strategic Hotel Capital's second in the Downtown market this year. It bought an 85% share of the 807-room InterContinental Chicago at 505 N. Michigan Ave. Meanwhile, Swig Co. exits the market with the sale.
While Strategic Hotel Capital closed on its purchase of the 692-room Fairmont Hotel with its line of credit, it continues to market three properties, including two suburban hotels. The 390-room Lincolnshire Marriott Resort went on the market last month, joining the 398-room Marriott Schaumburg as an asset the company no longer considers strategic. Also on the market is an Embassy Suites in Lake Buena Vista, FL.
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