A Nice Little Fixer-upper
Tribune staff, wire reports
Published November 4, 2004
The hotel investment unit of Chicago-based real estate firm Jones Lang LaSalle Inc. has been hired to study options for the Palmer House Hilton, Hilton Hotels Corp. has confirmed. The Beverly Hills, Calif.-based hotel chain is expected to formally put the historic Chicago hotel up for sale after completing a study of the 1,639-room property. Hilton said Jones Lang LaSalle Hotels had been retained "to assist us in evaluating various opportunities" concerning the Palmer House, the city's oldest and second-largest hotel. Jones Lang LaSalle Hotels represented the limited partnership that owns the Westin Michigan Avenue, which announced last month that it had an agreement to sell the 751-room hotel for a strong price of $137 million.
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