--- In [email protected], bbrigante <[EMAIL PROTECTED]> wrote: > --- 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
100 million here, 100 million there. Pretty soon it adds up to real money. JohnY 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/
