crhon.com

September 28, 2006

Strategic Hotels to Buy Space in Aqua


CHICAGO ? Strategic Hotels & Resorts Inc., a real estate investment trust that develops mostly upscale and luxury hotel properties, said Thursday it agreed to acquire a new hotel development space from Lakeshore East LLC for $82.4 million, once it is built.

The company said it will purchase 15 floors of the Aqua Building, which is not yet built, and furnish and install hotel finishes when the space is complete.

The Aqua Building is an 82-story mixed-use residential building in the Lakeshore east development in Chicago, and is expected to be completed at the end of 2009.

The company said it anticipates the new hotel will be operated along with its existing Fairmont asset, to which it will be physically linked.