The Hongkong and Shanghai Hotels, Limited assumes full ownership of The Peninsula Chicago (United States)
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The Hongkong and Shanghai Hotels, Limited assumes full ownership of The Peninsula Chicago (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2009-09-16
The Hongkong and Shanghai Hotels, Limited (HSH) today confirmed that its wholly-owned subsidiary, HSH Chicago, Inc. has entered into a Membership Interest Purchase Agreement with Tower Summit LLC, whereby HSH purchased the remaining 7.5% of the ownership interest in Peninsula Chicago LLC, which it did not previously hold. Prior to this transaction, HSH Chicago, Inc. owned 92.5% of the ownership interest in Peninsula Chicago LLC. Peninsula Chicago LLC owns The Peninsula Chicago.
Following the completion of the agreement in Chicago, HSH Chicago, Inc. now assumes full ownership control of The Peninsula Chicago. HSH has opted to pay for the US$11.7 million purchase price in full with surplus cash.
The 339-room Peninsula Chicago, opened in 2001, has a commanding location on Chicago’s Magnificent Mile. The hotel has consistently been rated as one of the finest hotels in North America by consumer and travel trade media.
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