Dow Hotel Company and AEW Capital Management Purchase 248-Suite Chicago Marriott Suites Deerfield
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Dow Hotel Company and AEW Capital Management Purchase 248-Suite Chicago Marriott Suites Deerfield
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-03-10
The Dow Hotel Company, LLC (DHC), a hotel ownership investment and management company, today announced that it has purchased for an undisclosed price the 248-suite Chicago Marriott Suites Deerfield in a joint venture with AEW Partners V, L.P., a real estate opportunity fund managed by AEW Capital Management, L.P. DHC also will operate the hotel under a long-term management agreement. It is the third hotel acquired by DHC in the past six months.
Located at 2 Parkway North, in the Chicago North Shore suburb of Deerfield, the hotel will undergo a several million dollar renovation and upgrade program to bring the hotel into top physical condition. Providing 248 two-room suites, each featuring a wet bar, refrigerator, microwave, and luxurious bath, the hotel is located in the heart of the Parkway North Center office park. The property is convenient to Six Flags Great America Theme Park, Six Flags Hurricane Harbor Waterpark, The Ravinia Music Festival, Chicago O'Hare International Airport, and Downtown Chicago.
"This is our second investment with AEW, and the second hotel we own and manage in the Greater Chicago area. We believe in the long-term growth potential this market holds, and we look forward to partnering again with AEW in the future," said Murray L. Dow II, DHC founder and president.
AEW provides investment advisory services to investors worldwide, and its clients include many of the world's leading private and public retirement programs, foundations, endowments and private investors. AEW and its affiliates currently manage approximately $23 billion of capital, which is invested in more than $32 billion of real estate and securities in North America and Europe. AEW has offices in Boston, Los Angeles, Paris, London, Barcelona, Milan, Stockholm, Luxembourg, Dusseldorf, Warsaw, Budapest and Prague.
The Dow Hotel Company, headquartered in Seattle, is a hotel owner/investor and operator of 10 first-class, full-service hotels throughout the United States. The company's portfolio of owned and managed properties is comprised of institutional grade hotels, under such brands as Marriott, Hilton, Embassy Suites, Sheraton, Crowne Plaza, Radisson and Doubletree.
In addition to the Chicago Marriott Suites Deerfield, DHC in the last six months also acquired the Hilton Atlanta NE and the Doubletree Hotel in the Seattle suburb of Bellevue. The company aggressively seeks to acquire, and/or manage mid- to large-size, institutional-grade, full-service hotels, especially those that have extensive food and beverage capabilities.
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