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GlobeSt.com UPDATE: Strategic Hotel Capital Closes on $155M Fairmont Buy

CHICAGO-The local hotel REIT now has all the 692 keys at 200 N. Columbus Dr., its second Downtown property. San Francisco-based Swig Co. exits the market with the sale.

By Mark Ruda | Updated on September 02, 2005

CHICAGO-Strategic Hotel Capital Inc. has closed on its $154.7-million acquisition of the Fairmont Hotel , paying $224,000 per room to San Francisco-based Swig Co. The 38-story property at 200 N. Columbus Dr. will continue to be managed by Fairmont Hotels Inc.

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.

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