LAURUS CORP. BUYS RENAISSANCE O’HARE HOTEL IN CHICAGO

CHICAGO — The Laurus Corp. has acquired the Renaissance O’Hare Hotel, a 362-suite property located at 8500 W. Bryn Mawr Ave. in Chicago, about three miles from O’Hare International Airport. The purchase price was undisclosed. Opened in 2005, the 15-story hotel sits on more than three acres and features more than 15,000 square feet of meeting space and amenities, including a fitness center, business center, pool, concierge and an airport shuttle. The hotel is situated within about 7 million square feet of Class A office space in the O’Hare submarket, which includes the Donald E. Stephens Convention Center and Allstate Arena., as well as the corporate headquarters for U.S. Cellular, True Value Hardware and Wilson Sporting Goods. Los Angeles-based Laurus is planning a $6.5 million renovation program, which will update guestrooms and corridors, food and beverage outlets and the 5,000 square-foot ballroom.