LaSalle Abandons Chicago Hotel Plan
From Washington Business Journal:
REIT Takes $8 Million Loss on Deal
LaSalle Hotel Properties has sold several floors in a landmark Chicago skyscraper it bought two years ago with the intention of converting it into a luxury hotel and will take a loss on the investment. LaSalle, through a joint venture named Modern Magic Hotel LLC, acquired 12 floors of the 52-story IBM Building at 330 N. Wabash Ave. in March 2008 from Prime Group Realty Trust for $46 million. It was the majority stakeholder in the joint venture, with Oxford OG Hospitality Chicago holding a 5 percent stake. Click here for the full story.
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