The developer behind the Langham Chicago has likeminded ambitions for the old London Guarantee Building across the river, confirms Crain's. John Rutledge didn't comment on the probable purchase, but the feeling is that the building holds the potential for an extravagant hotel especially considering Rutledge's knack for hospitality conversions (Langham, Hotel Felix). A Beaux Arts landmark designed by Alfred Alschuler, the 21-story London Guarantee has dealt with an uncertain fate for the past few years as owner/investor Joseph Chetrit mulled options for conversion. Positioned for offices, the building had a complete renovation in the 1990s. Auction bids are believed to have topped $50M with Rutledge in the lead. [Crain's, previously]
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