Laurus Snaps Up 15-Story O'Hare Hotel From Tishman

Law360, New York (July 29, 2013, 3:18 PM EDT) -- Private equity-backed Laurus Corp. has picked up a 15-story Chicago Marriott-branded hotel near O'Hare International Airport from Tishman Hotel and Realty LP, with plans to switch out the management team and overhaul the property in a multimillion-dollar renovation, according to a Friday announcement.

Laurus is using its Ethika fund to seal the deal, though it did not disclose financial details or the seller. It does, however, plan to inject $6.5 million into renovating guest rooms, hallways, retail spaces and the hotel's 5,000-square-foot ballroom and will bring...
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