Dellisart gets $42mn for Chicago Staybridge

Officials of Dellisart Chicago have announced that it
has secured $42 million in financing to develop a 206-suite Staybridge
Suites in downtown Chicago, Ill., at the corner of LaSalle and West Huron.Dellisart Chicago is a
joint venture between Dellisart Lodging LLC, a hotel ownership, management,
development and acquisition group, and Miglin Properties LLC, a
Chicago-based real estate development and management company specializing
in the development of commercial properties.

Financing was provided by CapitalSource, a specialized commercial finance
company. The hotel will be managed by Dellisart Lodging LLC. Plans call for
the hotel to break ground January 25, 2007.
  “While we have numerous projects occurring internationally, we remain
focused on expanding our U.S. portfolio, as well,” said Douglas E. Artusio,
Dellisart founder, chairman and CEO. “We have exceptional development and
management teams in place to accommodate our accelerating growth. The
Staybridge Suites brand, part of the InterContinental Hotels Group family
of brands, is a great product, well suited to the needs of extended-stay
business and leisure travelers seeking relaxed accommodations with
high-tech amenities in high traffic markets.”
  When completed in the summer of 2008, it will be the largest hotel in
the Staybridge portfolio. Staybridge Suites offer upscale, all-suite
accommodations with fully equipped kitchens. Among the various hotel
amenities are high-speed Internet access, 24-hour business centers,
complimentary breakfast and evening reception, green space, fitness center
and library with books, board games and television. Suites have separate
living and work areas with two-line speaker telephones and personalized
voice mail. A leased restaurant and parking facilities are planned for the
ground floor.
  The hotel will be constructed using the staggered truss structural
system. The high rise building concept consists of a series of story-high
trusses spanning the total width between two rows of exterior columns and
arranged in a staggered pattern on adjacent column lines. The basic concept
is that the total frame behaves as a cantilever beam when subjected to
lateral loads. This process allows developers to build in all weather
conditions and to lower costs based on shorter construction time and a
faster completion date. Additionally, the finished product has more open
space for increased flexibility of interior space.
  “This marks our third Staybridge Suites in the greater Chicago metro
area,” Artusio noted. “Our other two properties already rank among the
highest rated in the system, and we fully expect this hotel to equal or
exceed those excellent results.”
  “The Staybridge Suites Chicago is among nearly 100 hotels in the
brand’s robust Americas pipeline and will be an excellent addition to our
upscale extended-stay portfolio,” said Robert Radomski, vice president,
Brand Management, Staybridge Suites. “We are thrilled that Dellisart
Chicago LLC chose to build a Staybridge Suites for this ideal location in
Chicago’s bustling downtown area, and we look forward to offering the
Staybridge Suites experience to our guests seeking extended-stay
accommodations in downtown Chicago.”