Search
 

LaSalle Buying House of Blues Hotel for $114M

CHICAGO-The Bethesda, MD-based REIT already has a deal to buy the Westin Michigan Avenue for $215 million. The acquisitions will give LaSalle Hotel Properties 2,285 rooms at three Downtown properties, which include the 540 N. Michigan Ave.

By Mark Ruda | Updated on February 22, 2006

CHICAGO-LaSalle Hotel Properties has agreed to pay $114.5 million for the 367-room House of Blues Hotel, 115,000 sf of Marina City retail space and 896 parking spaces. The Marina City retail space is leased to a tenant roster that includes Smith & Wollensky Steakhouse, Crunch Gym, Bin 36 restaurant, 10-Pin Bowling Lounge and Bank One.

The deal with Marina City Hotel Enterprises is expected to close by April. Bethesda, MD-based LaSalle Hotel Properties already is buying the Westin Michigan Avenue for $215 million from JER Partners. That deal is scheduled to close by March 9. When the House of Blues is added to the portfolio, LaSalle Hotel Properties will have three Downtown properties totaling 2,285 rooms, the majority of those rooms at the Marriott at 540 N. Michigan Ave.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.