A joint venture between Seattle-based Dow Hotel Co. and Boston-based AEW Partners Capital Management teamed up for the third time in six months to buy the Marriott Suites property at 2 Parkway North, located in an office park. "We believe in the long-term growth potential this market holds, and we look forward to partnering again with AEW in the future," says Dow Hotel Co. president Murray L. Dow II. The new owners, which acquired the hotel from a limited liability corporation that held the property for 13 years, plan a multimillion-dollar renovation.

Likewise, a joint venture between Oxford OBG Hospitality and Investment Fund as well as Waterton Associates LLC plan to renovate the property at the southeast corner of Golf Road and Skokie Boulevard and operate the property under a Doubletree flag. Oxford OBG Hospitality and Investment Fund includes Chicago-based Oxford Capital Partners, Inc.; Park Ridge-based management company Bricton Group and interior designers Gettys Group.

Dow Hotel Co. recently acquired a Hilton hotel in northeast Atlanta and a Doubletree hotel in Bellevue, WA.