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Hotel Industry News |
Thursday November 20th, 2008 |
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The Dow Hotel Company Purchases the Doubletree Hotel Chicago-O'Hare Rosemont |
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The Dow Hotel Company (DHC), a hotel owner/investor and hotel management company, announced that it had acquired the 369-room Doubletree Hotel Chicago-O'Hare Rosemont in a joint venture with Prudential Insurance Company of America for an undisclosed amount from an affiliate of Lowe Enterprises. |
Located in close proximity to O'Hare International Airport and across from the Donald E. Stephens Convention Center in Rosemont, the hotel will undergo a multi-million renovation. DHC will manage the property and oversee the upgrade program.
"The Doubletree is a perfect addition to our portfolio," said Murray L. Dow II, president. "Our joint venture also owns the adjacent Embassy Suites Hotel, which will give us a number of operating and marketing synergies and allow us to take full advantage of the benefits offered by the properties being in the Hilton family."
Located at 5460 North River Road in Rosemont, the full-service Doubletree is in one of Chicago's most desirable locations with its close proximity to the airport and the 840,000 sq.-ft. Stephens Convention Center. The hotel will remain under the Doubletree brand.
With more than 19,000 square feet of meeting space, the hotel can comfortably handle groups of between 10 and 400 people, and offers a close-in location for off-site meetings to support activities at the convention center.
The property just completed a total refurbishment of all the oversized guestrooms. Included in the upcoming renovation will be a complete restaurant refurbishment and re-conception. In addition, the hotel also showcases Chicago's legendary Gibsons Steakhouse.
"This is the third hotel we own and manage in the greater Chicago area, which reflects our confidence in the market's long-term growth potential. We look forward to finding additional opportunities in this and other markets nationwide," said Mark Rosinsky, Dow's senior vice president of hotel investments.
This acquisition is the cornerstone of Dow's plan to double revenue under management by the end of 2007.
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