Chicago Mandarin hotel to sell rooms to investors
Chicago's Mandarin Oriental Tower hotel and residences is selling rooms to investors, it was revealed today.
The 74-storey tower, which will be part-hotel, part-residential block, is offering rooms and apartments to British investors, according to a report in the Times today
Investors will receive an income based on room occupancy when the property opens in 2009.
The $600m (£302m) development, which will have 252 hotel condominiums and 250 private residences, will be the ninth-tallest building in the windy city, when completed.
BridgePoint, the private equity group, and movewithus, the estate agent, are handling the sale, which will see rooms available from $600,000 (£303,513) to $4m (£2.02m).
Penthouses will cost up to $21m (£10.6m).
The package includes a guaranteed minimum resale price of 15.6% return above the open market resale price, once the building is completed.
The Mandarin Oriental hotel has already presold $84m (£42.5m) of units.
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By Emily Manson
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