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Blackstone buys Chicago's Willis Tower for US$1.3bn – will invest US$150m in leisure elements
POSTED 23 Mar 2015 . BY Katie Buckley
Blackstone will upgrade the Willis Tower's leisure offering with US$150m investment Credit: Flickr.com/Monika Thorpe
Blackstone has announced it will buy Chicago’s Willis Tower, the second-tallest building in the US for US$1.3bn (€1.19bn, £800m).

Previously known as Sears Tower, the Willis Tower is an iconic structure – designed by Skidmore, Owings, & Merrill – it dominates the Chicago skyline. Vendors, 223 South Wacker, said Blackstone will be an "excellent steward of this world famous building".

Blackstone has plans to improve the leisure offerings in the iconic skyscraper. It's been widely reported that the company will spend at least US$150m (€137m, £100m) "sprucing up" the existing Skydeck observatory on the 103rd floor which currently attracts 1.6 million visitors a year.

Jason Werner, managing director in Blackstone’s real estate group, said: "There's great potential to further improve both the building’s tourist experience and retail operations in what is one of the most popular destinations for visitors to Chicago.”

Recently, CVC Capital Partners was reportedly preparing to bid for the Blackstone-owned Center Parcs, which is thought to be worth around US$3.8bn (£2.5bn, €3.5bn). Prior to that CVC and Blackstone launched the sale of their remaining shares in Merlin Entertainments, which is thought to be worth around US$1bn (£667.6m, €917.6bn).
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NEWS
Blackstone buys Chicago's Willis Tower for US$1.3bn – will invest US$150m in leisure elements
POSTED 23 Mar 2015 . BY Katie Buckley
Blackstone will upgrade the Willis Tower's leisure offering with US$150m investment Credit: Flickr.com/Monika Thorpe
Blackstone has announced it will buy Chicago’s Willis Tower, the second-tallest building in the US for US$1.3bn (€1.19bn, £800m).

Previously known as Sears Tower, the Willis Tower is an iconic structure – designed by Skidmore, Owings, & Merrill – it dominates the Chicago skyline. Vendors, 223 South Wacker, said Blackstone will be an "excellent steward of this world famous building".

Blackstone has plans to improve the leisure offerings in the iconic skyscraper. It's been widely reported that the company will spend at least US$150m (€137m, £100m) "sprucing up" the existing Skydeck observatory on the 103rd floor which currently attracts 1.6 million visitors a year.

Jason Werner, managing director in Blackstone’s real estate group, said: "There's great potential to further improve both the building’s tourist experience and retail operations in what is one of the most popular destinations for visitors to Chicago.”

Recently, CVC Capital Partners was reportedly preparing to bid for the Blackstone-owned Center Parcs, which is thought to be worth around US$3.8bn (£2.5bn, €3.5bn). Prior to that CVC and Blackstone launched the sale of their remaining shares in Merlin Entertainments, which is thought to be worth around US$1bn (£667.6m, €917.6bn).
Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
RELATED STORIES
CVC prepares bid for Blackstone's £2.5bn Center Parcs


CVC Capital Partners – one of Europe’s biggest private equity firms – is preparing to bid for the Blackstone-owned Center Parcs, thought to be worth around £2.5bn (US$3.8bn, €3.5bn).
Virgin Hotels Chicago teams up with city's bloggers for alternative tourist guide


Virgin Hotels Chicago, which opened in January of this year, has collaborated with a number of the Windy City’s influential bloggers to create a new kind of hotel city guide for guests.
CVC and Blackstone launch US$1bn sale of Merlin shares


Private equity firms CVC and Blackstone have launched the sale of their remaining shares in Merlin Entertainments.
Center Parcs owner 'engages banks' on £2.5bn listing


US-based private equity group Blackstone has hired several investment banks to lay the foundations for a £2.5bn (US$3.8bn, €3.4bn) London listing of UK leisure resort chain Center Parcs, according to reports.
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WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
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Holovis is a privately owned company established in 2004 by CEO Stuart Hetherington. [more...]
Antonio Zamperla Spa

Founded in 1966, the Antonio Zamperla SPA is privately owned by Mr Alberto Zamperla. Located in Vi [more...]
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We’re a Yorkshire-based online printer, founded in 2009 by Adam Carnell and James Kinsella. [more...]
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Tel: +44 (0)1462 431385

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