MIDWEST BRIEFS
Deal completed for Blackstone
Tribune staff, wire reports
Published December 23, 2005
A joint venture that includes Denver-based Sage Hospitality Resources LLC has
closed
on the acquisition of the shuttered Blackstone Hotel at 636 S. Michigan Ave.,
and
plans to reopen the property in less than two years. A non-profit group headed
by
the Maharishi Mahesh Yogi owned the 22-story building. After an unsuccessful
attempt
to convert it into condominiums, the group hired Oakbrook Terrace-based real
estate
firm NAI Hiffman to market the property. Sage's joint-venture partner in the
$112
million project is JPMorgan Fleming Asset Management, said Kenneth Geist, a
partner
in Sage. The 327-room property will be part of the Marriott Renaissance chain
but
will retain its historic name.
Copyright © 2005, Chicago Tribune
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