This just in: the New York-based owner of Chicago Place Mall—the lesser vertical mall on the Mag Mile—is preparing to throw the towel in when it comes to attracting upper floor retailers. Instead, reports Crain's, the owners have enlisted a brokerage to find a hotelier for floors two through eight. "We have a lot of interest in it from a lot of the main flags," said co-owner Alex Adjmi. That's not surprising given the improving state of the hotel sector (evidenced in booking rates and new hotel construction), and the premium location at 700 N Michigan. Adjmi estimates the space can fit about 200 rooms. This marks a rekindling of the owners' boom-time strategy, which surfaced and sunk in 2007. [Crain's, Hotels Week 2013]
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