The 311-room Conrad Chicago, previously a Le Meridien hotel, has been purchased by an investment group led by Chicago-based Lodging Capital Partners, LLC., which has signed an agreement with Conrad Hotels to operate and manage the hotel.

Plans for a complete repositioning of the hotel are being developed, and once complete, will significantly enhance the luxury experience -- providing new levels of exemplary service, contemporary decor and luxurious amenities, synonymous with Conrad hotels worldwide. In addition, special attention will be paid to infusing the hotel with Chicago's rich cultural and artistic flavour.

"We are excited that Conrad Hotels is now in Chicago -- no doubt, one of the most important and vibrant cities in North America -- and this is certainly an essential part of the Conrad brand's expansion plans in the region," said Dieter Huckestein, chairman and CEO, Conrad Hotels. "The synergies provided by the strong existing network of the Hilton Family of Hotels in Chicago will help ensure the success of this new luxury option."