Strategic Hotels and Resorts bought out its JV partner in the Michigan Avenue InterContinental and is now the sole owner of the hotel, valued at $288.3M. In exchange for its 49% stake, the sovereign wealth fund Government of Singapore Investment Corp. gets 10.8M Strategic shares (valued at $6.50 each) and $11.8M. Strategic CEO Laurence Geller sees potential since there's not much more space for hotels in the Mag Mile area. Not to mention that the 42-story, 792-key hotel will get a Michael Jordan Steakhouse later this year. |
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