ROSEMONT, IL— JER Partners has closed on the $106-million acquisition of the 525-room Westin O’Hare hotel here. A joint venture consisting of Starwood Hotels & Resorts Worldwide, Inc. sold the property. Starwood had a 48.6% ownership interest in the asset. It will use the sale’s proceeds for share repurchasing and general corporate purposes. Furthermore, Starwood’s goal to dispose of $500 million worth of assets this year has now been exceeded through this sale. Since 2003, Starwood has sold off more than $1.1 billion worth of assets.
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