A full-service Chicago hotel has changed hands for $214.7 million. Private equity firm JER Partners announced on Friday that it sold the Westin Michigan Avenue Hotel to LaSalle Hotel Properties (NYSE:LHO) for $214.7 million.

The upscale hotel is located at the heart of Chicago's Magnificent Mile neighborhood in one of the city's premier shopping and residential districts. The 751-guestroom hotel includes underground parking, three retail stores and a full service restaurant. After JER Partners bought the hotel in January 2005, the firm made several capital improvements to the property.

"This sale is reflective of the continuing growth and recovery in the Chicago commercial property and hospitality markets,” says Cia Buckley, president of U.S. Fund Business.