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Strategic Pays $82M for Portion of Tower

CHICAGO-Strategic Hotels & Resorts Inc. agrees to purchase 15 floors of the pre-developed 82-story Aqua building for $412,000 per key.

By Dana Dubriwny | Updated on October 01, 2006

CHICAGO-Strategic Hotels & Resorts Inc. has agreed to purchase 15 floors of the pre-developed 82-story Aqua building for $82.4 million, or approximately $412,000 per key. The tower, expected to be compete by 2009, is a development of Lakeshore East LLC, an affiliate of Magellan Development Group LLC.

The Aqua building is a mixed-use residential building in Magellan’s 28-acre Lakeshore East development across North Columbus Drive and adjacent to the Strategic Hotels’ Fairmont Chicago property. The company purchased the Fairmont last year from an affiliate of the Swig Co. of San Francisco for $154.7 million, or $224,000 per room.

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