DiamondRock Hospitality has acquired theConrad Hotel for $117.5 million from a joint venture between Westbrook Partners, Walton Street Capital and Lodging Capital Partners. The 311-room, 17-story luxury hotel opened in 2001 as a Le Meridien property. The sellers acquired the property in 2005 at which point it underwent a $5 million renovation. The hotel is located in the heart of Chicago's Magnificent Mile district.
Koll/PER, a limited liability company owned by The Koll Co. and the Public Employee Retirement System of Idaho has purchased a three-building portfolio from AmeriVest Properties, a real estatetrust, for $46 million. The two Denver properties include the 111,501 sq. ft. Kellogg Building and the Sheridan Center, a three-building 140,290 sq. ft. complex. The third building in Phoenix, Arrowhead Fountains, totals 96,203 sq. ft.
Cox Communications Las Vegas has purchased a 186,000 sq. ft. office building located at 1700 Vegas Drive, in the Las Vegas Enterprise Park, for $15.5 million from the American National Insurance Co. Previously leased by the Veterans Administration for an ambulatory care center, the building will undergo renovations. The property will then become home to the headquarters of the Las Vegas division of Cox Communications.