The sale of the hotel is the first in a series of transactions over the coming weeks that will result in the successful recapitalization of Le Meridien.
Le Meridien Chicago has been part of the Le Meridien Group since June 2001. The hotel's excellent location and facilities combined with Le Meridien's European style and service have culminated in the success of the hotel. In recent months Le Meridien Chicago has consistently led its competitive set in terms of average room rate and RevPar.
According to Robert Riley, CEO of Le Meridien: "We are on the home stretch for the successful recapitalization of Le Meridien, with successive steps to be taken over the coming weeks. Until then we can assure our owners, colleagues, guests and partners that it is business as usual at Le Meridien."
London-based Le Meridien is a global hotel group with a portfolio of more than 130 luxury and upscale hotels in 53 countries worldwide. The majority of its properties are located in the world's top cities and resorts throughout Europe, the Americas, Asia Pacific, Africa and the Middle East. The strategic alliance with JAL-owned Nikko Hotels provides loyal guests with access to an additional 52 properties around the world.
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