The purchase will give LaSalle its second property Downtown as well as the Magnificent Mile. The company's 27-property portfolio includes the Chicago Marriott Downtown at 540 N. Michigan Ave.
The Westin at 909 N. Michigan, across Delaware Place from the John Hancock Building, includes a parking garage, three retail spaces, a restaurant, 37,300 sf of meeting space and a health club. McLean, VA-based JER embarked on a $22-million renovation after it acquired the hotel last year from Westin Hotels LP, which was 25% owned by White Plains-based Starwood Hotels & Resorts Worldwide.
JER Partners remains in the market, even while exiting Downtown. It bought the 525-room Westin O'Hare Airport in Rosemont in October, paying $106 million for a property that already had been renovated.
LaSalle is putting up $3.5 million in earnest money, the bulk of it after it completes its due diligence, which must be completed by Feb. 21.
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