Those masters of the business scoop at Crain's are reporting that the three-hotel project centered on Clark & Illinois for which land has been cleared, now has its start-up construction loan. The $94M is enough to get things rolling at least. Developer White Lodging Services is bringing together an Aloft Hotel, a Hyatt, and a Fairfield Inn (Marriott) in an unusual bid for powerful synergies. In October we covered the demolition of an old Italianate bank building, the last physical obstacle to construction. Each hotel will be 16-stories and, taken together, will add 657 rooms to River North. [Crain's]
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