Strategic Completes InterContinental Chicago Acquisition

28th June 2011 (Last Updated June 28th, 2011 18:30)

Strategic Hotels & Resorts has completed the acquisition of the remaining 49% stake in the InterContinental Chicago from an affiliate of the Government of Singapore Investment Corporation (GSIC) for $288.3m. GSIC acquired a 49% interest in the InterContinental Chicago and the Hyatt

Strategic Hotels & Resorts has completed the acquisition of the remaining 49% stake in the InterContinental Chicago from an affiliate of the Government of Singapore Investment Corporation (GSIC) for $288.3m.

GSIC acquired a 49% interest in the InterContinental Chicago and the Hyatt Regency La Jolla for $450m in May 2007.

The agreement to acquire the interest in InterContinental was signed by Strategic on 23 May this year.

The 792-room InterContinental Chicago spreads across a 42-storey tower and a 26-storey main tower, and features 3,901m² of function space, including six ballrooms and 30 meeting rooms.

Strategic Hotels & Resorts owns interests in 17 properties comprising 7,762 rooms.