But, through Hamilton Osborne King, Irish investors are being offered an opportunity to buy a part of the soon-to-be-built 74-storey Mandarin Oriental Tower, whose prestigious address and spectacular design will make it one of the landmark buildings in the city.

Mandarin Oriental is well known for the quality of its hotels around the world, and this new tower will be built at Stetson Avenue and Lake Street, just one block from the famous Magnificent Mile of Michigan Avenue. Matching the prime downtown location will be the quality of the accommodation.

There are three different types of residences on offer.

There are 150 'Tower Condominiums', from 72sq m to 121sq m (770sq ft to 13,000sq ft). At the top of the tower, between floors 55 and 74, these offer views from up to 784ft and come with preferred access to exclusive lifestyle amenities. Condominiums will range in price from 414,000 to a spectacular 17m.

Between 393ft and 543ft up, are the 'Residences', from 78sq m to 576sq m (844sq ft to 6,200sq ft) . . . the largest being the spectacular 'Jewel Box' residence. Prices range upwards from 788,000 and all residents are treated as permanent guests of the hotel.

Finally, Mandarin Oriental is also offering investors the chance to own a piece of the hotel. Guestrooms come fully furnished and supported with full Mandarin Oriental services, and range in price from 453,000 to 5,514,851.

Some investors may be worried about recent reports that the American property market has slowed (and even depreciated).

But much of the negative reports have been generated by overvalued properties in California, Florida and the east coast, as opposed to the midwest, where Chicago is located.

The contract deposit for Mandarin Oriental is 15%, with the balance payable upon completion (expected to be 2009) . . . giving plenty of time for market recovery and significant appreciation. But one word of warning . . . condo fees (a sort of maintenance charge) will run to at least 394 per month, even for the entry level properties, while property tax is charged at 2% of the purchase price per annum.

Meetings by appointment with the developer will be held at Hamilton Osbourne King of"ces at 32 Molesworth Street, Dublin 2 on 3-4 October. For further information contact 01-618 1300 or email mandarinoriental@hok. ie