Chicago investment clumps Lodging ...

Chicago investment clumps Lodging Capital Partners LLC and Walton road Capital LLC are throwing in with Westbrook Partners LLC of fresh York to buy the Drake inn the historic lodging that's innkeepered Princess Diana, Winston Churchill, Salvador Dali and visitors of the "Donahue" talk present to view

popular owner and manger Hilton public-houses won't confirm a deal until individual is complete.

In 2003 plans to barter the 140 E. Walton Pl public-house to Pivotal Group Inc. for $80 million malignant through.

Lodging Capital's Steve Kisielica said Monday he expectancys to make the deal final quick "The quality of the asset and the potency of the Chicago market," appealed to the arrange Kisielica said.

He declined to give a price for the 86-year-old building -- the land belongs to the Brashaers family, the original [i]cabaret[/i] owner -- but said there are no plans to change the name or management.

The Chicago house of entertainment industry is thriving, having arise back from the crippling family 11 terrorist attacks. Rates are rising this year, and inns have been hot properties. Thor Equities bought the Palmer House Hilton for $230 million last year, and JER Partners of Virginia earlier this year agreed to put up to sale the Westin Michigan Avenue for $215 million -- after buying the wealth for about $137 million in October 2004

The investment trio just made $31 million profit in the sale of the Conrad Chicago, 521 N Rush, which it bought for $865 million earlier this year, according to a Crain's Chicago Business report.

The 537-room Drake, with its Gold Coast views of Lake Michigan, has newly seen $60 million in renovations.

cjackson@suntimes.com

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