--- In [email protected], "jyouells2000" <[EMAIL PROTECTED]> wrote: > --- In [email protected], bbrigante <[EMAIL PROTECTED]> wrote: > > http://www.globest.com/news/306_306/chicago/135246-1.html > > > > "Sage Hospitality Resources executive vice president Kenneth J. Geist > > says his company has been attempting to acquire the hotel at 636 S. > > Michigan Ave. for five years. The property has been vacant since 1999 > > as plans by Tennessee-based Maharishi Global Development Fund to > > convert the building into about 100 luxury condominiums have fizzled. > > > > > > Although Maharishi Global Development Fund has sought a much higher > > price, according to the city's department of planning and > > development, Sage Hospitality Resources has struck a deal to buy the > > 321,516-sf asset overlooking Grant Park for $22.3 million. Still, > > city appraisals place the value of the hotel at $16 million to $19 > > million. > >
> Bob, > Do you know what the movement paid for the hotel? > Looks like it's a good time to sell movement real estate in the US. > Veda Land , Chicago and the few others that have been mentioned in the > last 6 or 8 months. Looks like the property purchased in the last > round of projects and fund raising is ripe to move. > > JohnY *************** I don't know what the movement paid for the Blackstone, but real estate is up everywhere, so they certainly did all right. But on the other hand, when adjusted for inflation, and after paying taxes and security and maintenance (which the TMO is famous for minimizing) for years, it's unlikely to be a windfall in terms of real-dollar appreciation. Lots of properties are going on the block -- probably funds will go to building peace palaces, although having only 6 such palaces per state, a minimum presence, at $3mil/per, amounts to $900 million, and all the sales over the last year probably do not amount to more than $100 million or so: http://geocities.com/bbrigante/updates.html#sales To subscribe, send a message to: [EMAIL PROTECTED] Or go to: http://groups.yahoo.com/group/FairfieldLife/ and click 'Join This Group!' Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/FairfieldLife/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
