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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.

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