Chicago's hotel construction explosion will not be slowed! A veteran hotelier plans to buy a 227,600-square-foot office building just off the Magnificent Mile. While plans have not been made official, all evidence suggests yet another hotel conversion is in store. The estimated price of the building is $33 million, but they're not yet released the official figures. Chicago Real Estate Daily reports that other developers interested in this building wanted to convert it into apartments.
The office tower offers a "nice Michigan Avenue location" for a hotel, but converting it could pose physical challenges, said Mark Eble, a vice president at hotel consulting firm PKF Consulting who is based in Indianapolis.
· Laurence Geller eyes downtown building for hotel conversion [Chicago Real Estate Daily]
· Mapping Chicago's Hotel Boom: Openings in 2014 and Beyond [Curbed Chicago]