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330 N. Wabash Hotel Sold

330 N. Wabash Hotel Sold
330 N. Wabash
Selling a hotel may be the trend of 2011. LaSalle Hotel Groupannounced last week that it sold its 95% interest in the hotel space on floors 2-13 of the former IBM Plaza building for $58.8M, taking an$8M loss on the improvements it had already made. LaSalle Group spokesman Kenneth Fuller says the company was waiting for the appropriate opportunity to develop the hotel, but it never arose, and LaSalle chose to sell and reinvest in other assets. The buyer was a JV of Oxford Capital Group and Langham Hotels, which will develop the property into the country's third Langham Hotel.