CHICAGO — A joint venture involving LaSalle Hotel Properties has acquired 375,000 square feet of the IBM Building, a 52-story historic office building located at 330 N. Wabash Ave. in Chicago. LaSalle acquired floors two through 13 and part of the first floor for $46 million. The company plans to convert the space into a super luxury hotel. The hotel is expected to feature up to 335 rooms, and will include exclusive elevators and a separate entrance on the ground floor. Hotel amenities will include a 9,000-square-foot restaurant, as well as 17,000 square feet of space for social gatherings and meetings that includes a 5,000-square-foot ballroom. Other amenities include a lobby bar, a fitness center, an indoor pool and a destination spa. The hotel, which is expected to open in 2010, will be applying for LEED-Silver certification. The Gettys Group is providing design services. LaSalle owns a 95 percent interest in Modern Magic Hotel, the partnership that acquired the property and is developing the hotel. The remaining 5 percent is owned by Oxford OG Hospitality Chicago.
Hospitality
WAUWATOSA, WIS. — Atlanta-based InterContinental Hotels Group (IHG), in partnership with Lane Hospitality, has opened its first Crowne Plaza prototype. The 198-room, eight-story Crowne Plaza Milwaukee-Wauwatosa features a two-story lobby, 7,000 square feet of meeting space, an upscale restaurant and lounge, two executive floors, a business center, a fitness center with a swimming pool and whirlpool, valet and laundry service, and complimentary shuttle service. The building also contains various meeting spaces throughout the hotel to accommodate business travelers. The hotel is owned by KL Hotel and is managed by Lane Hospitality through a partnership with IHG.
MONTGOMERY, N.Y. — Savanna Investment Management is under contract to purchase 282 acres of land in Montgomery. Situated at the conflux of Interstate 84 and New York State Thruway directly adjacent to Stewart International Airport. Savanna plans to develop the Hudson International Business Center, a more than 1 million-square-foot commercial property. The project is also slated to include a 60-room hotel. The purchase was made through Savanna Real Estate Fund I.
INDIANAPOLIS — The Mumford Company has arranged the sale of the 138-unit Days Inn of Indianapolis located in Indianapolis. Steve Kirby of Mumford’s Atlanta office and Lance Potter of the firm’s Chicago office represented the seller, Bowling Green, Ky.-based Westloop hotels. The property was acquired for an undisclosed price from a California-based buyer that will relocate to Indianapolis to manage and operate the hotel. The property will remain a Days Inn.
WEST BEND, WIS. — North Liberty, Iowa-based Kinseth Hospitality Cos. and West Bend-based American Design & Build have completed construction of an 83-room Hampton Inn & Suites, located near the intersection of Paradise Drive and 18th Avenue in West Bend. The four-story hotel features high-speed Internet access and a flat-screen television in each room. Hotel amenities include a banquet room, a conference room, an indoor pool, a fitness center, and a business center with fax and copy services. Kinseth will provide property management services for the hotel.
JACKSONVILLE, FLA. — David Hsieh and Mark Prideaux of Marcus & Millichap’s Jacksonville office have arranged the sale of the 192-room Travelodge Inn & Suites in Jacksonville on behalf of the seller, Nilesh Patel, to Kenneth Choi of Los Angeles, for $6.2 million. The buyer was represented by Connie Cho of Coldwell Banker’s Los Angeles office. The property is in close proximity to the Jacksonville International Airport.
BAL HARBOUR, FLA. — Starwood Hotels & Resorts is developing St. Regis Resorts & Residences, Bal Harbour, a 9-acre, three-tower complex featuring 268 ultra-luxury residences, 37 condo-hotel suites, 183 hotel rooms and 24 St. Regis Residence Club residences. Amenities include a state-of-the-art fitness center and a 12,000-square-foot spa. Construction began this month and is projected to be completed in 2011.
FORT MYERS, FLA. — Intercontinental Hotels Group has opened the Candlewood Suites Fort Myers I-75, a $5 million, 46,000-square-foot property located 5 miles from Southwest Florida International Airport. The hotel contains 80 suites and is owned and operated by S&L Hospitality. Amenities include a 24-hour fitness center, high-speed Internet access and a guest cookout area.
FAYETTEVILLE, ARK. — Intercontinental Hotels Group has opened The Staybridge Suites Fayetteville, a $10 million, 77,273-square-foot hotel, located at 1577 West 15th St. The hotel features 109 suites, meeting space, fitness center and an indoor pool. Construction began on the four-story hotel in September 2006.
MOKENA, ILL. — Mokena-based companies J-4 Development Co. and JL Burke Contracting have announced that a 125-suite Hyatt Summerfield Suites will be built at Hickory Creek Waterworks and Resort, a water park and sports complex located in Mokena. The hotel will feature a café/lounge, high-speed Internet access, a park area with a pool and grill, a gym, a complimentary breakfast buffet, a 24-hour market, and complimentary grocery services and laundry facilities. Groundbreaking is scheduled to occur this year, with completion in late 2009. In addition to the Hyatt Summerfield Suites, Hickory Creek will feature another 105-room hotel, a 45,000-square-foot indoor water park, an 80,000-square-foot sports academy with four multi-purpose athletic fields, a 94,500-square-foot mixed-use building and two multi-level parking structures.