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UPDATE: DiamondRock Closes $295M Marriott Buy

CHICAGO-The Bethesda, MD-based hotel company adds the 1,192-room property at 540 N. Michigan Ave. to its portfolio, which includes the 384-room Oak Brook Hills Marriott Resort. The Chicago Marriott Downtown changes hands six years after a $104.1-million sale.

By Mark Ruda | Updated on March 27, 2006

CHICAGO-The robust hotel sales market continues with a joint venture closing on its $295-million sale of the 1,192-room Chicago Marriott Downtown to DiamondRock Hospitality Co. The Downtown market already has seen the 751-room Westin Michigan Avenue sell for $214.7 million this year while the 367-room House of Blues Hotel changed hands for $114.5 million.

Buyers of all three hotels have their headquarters locations in Bethesda, MD. While DiamondRock Hospitality is based there, so is LaSalle Hotel Properties. The REIT, which still has 25% of its portfolio in Downtown Chicago, was a partner with Carlyle Group on the Marriott at 540 N. Michigan Ave. According to property records, the hotel was acquired for $104.1 million in January 2000.

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