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Development Watch

John Pritzker, heir to a Hyatt-sized fortune, found something fun to invest in: another boutique hotel for the downtown. Specifically, it'll occupy the long-vacant and historic Chicago Athletic Association building at 12 S. Michigan. And that's definitely a good thing (barring a complete mangling of the building). Once the $13M sale closes at the end of the week another $20M will go into the conversion, which will have between 240 and 260 luxury rooms when it opens in early 2014. It will operate as a Thompson Hotels property. [Trib]