Starwood happy to complete Chicago sale
Starwood Hotels and its joint venture partner have completed the sale of the 525-room Westin O’Hare for $106 million to JER Partners.
The sale of the hotel was completed on Wednesday with Starwood’s ownership interest in the joint venture at 48.6%. Westin will continue to manage the hotel. The Westin O’Hare is the only four-star, four-diamond hotel that is just five minutes from O’Hare International Airport.
Since 2003, Starwood has sold more than $1.1 billion worth of assets. The proceeds from this hotel combined with other recent asset sales are part of the $500 million the Company targeted to sell by the end of 2005 and with this sale has now exceeded that goal. The Company expects to use proceeds for share repurchase and for general corporate purposes.