Hyatt Hotels are already all over the place, and it looks as if another will join the roster at 100 W Monroe. Crain's is reporting that the vintage 22-story office tower, purchased by MB Real Estate Services LLC last April, is being cleared of more than 60 tenants en route to a 250-room hotel conversion. Hyatt is thus far mum on what brand it'll affix to this project, but an outside development expert tells Crain's that branding is all-important any location where nightlife and dining options are feeble. The central Loop qualifies. Why is the new owner taking such aggressive action with an almost fully-leased building? Probably because Class C Office rents can't contend with the kind of money a major hotel with bars and a restaurant will generate. Evictions will be completed May 1 with work to start as early as June.
·Vintage Loop Office Tower to Become Hyatt Hotel [Crain's]
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