Mag Mile Westin Goes Under Contract for $215M

CHICAGO-The Westin Michigan Avenue, acquired by JER Partners a year ago for $137 million, is under contract for $215 million. The 751-room hotel will be sold to Bethesda, MD-based LaSalle Hotel Properties by March 9, according to the contract, and will continue to be managed by Starwood Hotels & Resorts Worldwide Inc.

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.