Chicago Mandarin hotel to sell rooms to investors

30 May 2007 by
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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