The Dow Hotel Company Purchases the Doubletree Hotel Chicago-O'Hare Rosemont

CHICAGO and SEATTLE, Aug. 1 /PRNewswire/ -- The Dow Hotel Company(DHC), a hotel owner/investor and hotel management company, announced thatit had acquired the 369-room Doubletree Hotel Chicago-O'Hare Rosemont in ajoint venture with Prudential Insurance Company of America for anundisclosed amount from an affiliate of Lowe Enterprises. Located in closeproximity to O'Hare International Airport and across from the Donald E.Stephens Convention Center in Rosemont, the hotel will undergo amulti-million renovation. DHC will manage the property and oversee theupgrade program. "The Doubletree is a perfect addition to our portfolio," said Murray L.Dow II, president. "Our joint venture also owns the adjacent Embassy SuitesHotel, which will give us a number of operating and marketing synergies andallow us to take full advantage of the benefits offered by the propertiesbeing in the Hilton family." Located at 5460 North River Road in Rosemont, the full-serviceDoubletree is in one of Chicago's most desirable locations with its closeproximity to the airport and the 840,000 sq.-ft. Stephens ConventionCenter. The hotel will remain under the Doubletree brand. With more than 19,000 square feet of meeting space, the hotel cancomfortably handle groups of between 10 and 400 people, and offers aclose-in location for off-site meetings to support activities at theconvention center. The property just completed a total refurbishment of all the oversizedguestrooms. Included in the upcoming renovation will be a completerestaurant refurbishment and re-conception. In addition, the hotel alsoshowcases Chicago's legendary Gibsons Steakhouse. "This is the third hotel we own and manage in the greater Chicago area,which reflects our confidence in the market's long-term growth potential.We look forward to finding additional opportunities in this and othermarkets nationwide," said Mark Rosinsky, Dow's senior vice president ofhotel investments. This acquisition is the cornerstone of Dow's plan to double revenueunder management by the end of 2007. Seattle-based The Dow Hotel Company is a hotel owner/investor andoperator of first-class, full-service hotels with properties throughout theUnited States. The company's portfolio of owned and managed propertiesconsists of hotels, under such brands as Marriott, Hilton, Embassy Suites,Sheraton, Crowne Plaza, and Radisson. The company aggressively seeks toacquire, co-invest with joint venture partners and/or manage mid- tolarge-size, first-class, full-service hotels, especially those withextensive food and beverage capabilities. Contact: Jerry Daly, Chris Daly (703) 435-6293