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Eighteen Story Hotel Planned for Parking Lot Site In The Loop

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Paying $3.7 million for a parcel at the west end of the loop on N. Franklin Street, a developer plans to construct an 18-story Hyatt Hotel with 206 rooms and 3,000 square feet for meeting space. The site is currently a parking lot but this street has a history of hotel dreams. In 2007 there was a 24 story hotel planned for the same lot but the recession but the kibosh on those plans and the developer lost the site to foreclosure. The reporters over at Crain's are now skeptical that this town can't support the current influx of hotel construction and are crying "over building!" They counted more than 1,800 hotel rooms under construction downtown, with 5,800 more in the planning stage. Too much?
· Hyatt hotel planned for downtown site [Chicago Real Estate Daily]