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Chicago W to Fetch $138 Million?

How do you know when a recovery in the hotel market is near at hand? When Starwood Hotels & Resorts, one of the largest owners in the country, says it hopes to get $138 million for a downtown Chicago W Hotel.

Starwood has formally hired Eastdil Secured to market the property, located in the downtown Loop. This deal will be closely watched in many corners around the country, as hopes are rising that investors are ready to step off the sidelines and plunk down some serious money for properties as the year begins to draw to a close.

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