Blackstone buys Chicago's Willis Tower for US$1.3bn – will invest US$150m in leisure elements | attractionsmanagement.com news
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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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Merlin Entertainments has been busy with a raft of new openings and future project announcements, as the global visitor attractions industry begins to emerge from COVID-19 lockdowns and restrictions.
Saudi Arabia offers US$133m in loans to create 50 new attractions
Saudi Arabia's General Entertainment Authority (GEA) has pledged to provide SAR500m (US$133m, €112m, £96m) worth of loans to companies, in order to create new attractions and entertainment projects in the country.
Hong Kong's Ocean Park opens Water World with 27 new outdoor and indoor attractions
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COMPANY PROFILES
TechnoAlpin

The TechnoAlpin SnowRoom is the most attractive and effective way for customers to cool down from h [more...]
ProSlide Technology, Inc.

A former national ski team racer, ProSlide® CEO Rick Hunter’s goal has been to integrate the smoot [more...]
Painting With Light

By combining lighting, video, scenic and architectural elements, sound and special effects we tell s [more...]
iPlayCO

iPlayCo was established in 1999. [more...]
+ More profiles  
FEATURED SUPPLIER

Triotech and Benoit Cornet’s Bold Move to collaborate on breakthrough innovative media-based attractions
Triotech has announced a breakthrough alliance with Benoit Cornet and Bold Move to bring a new collaborative approach to the design of media-based attractions – with an emphasis on adding value for operators. [more...]
VIDEO GALLERY

Proslide Tech Inc - ProSlide | Atlantis Dubai
More videos:
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

28-30 Sep 2021

International Wellness Tourism Conference

Carillon Miami Wellness Resort, Miami, United States
01-07 Dec 2022

World Leisure Congress 2022

tbc, Dunedin, New Zealand
+ More diary  
 


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