Chicago's hotel boom is not going away any time soon. With the mayor's plan to boost tourism, and the city's hotel industry smashing all previous occupancy records last year, investors can't buy into the existing hotel business fast enough. Crain's is estimating that hotel sales could reach $1 billion in 2014, the first time since 2007. Although, the city may not break the record for hotel sales set before the recession, some hotel owners are cashing out as commercial real estate prices have begun to bounce back since the dreaded bubble.
However, not every investor is saying "Shut up and take my money!", as some speculators fear another bubble and warn that investors should remain cautious about Chicago's new hotel boom underway. Experts also point out that compared to last summer, hotel occupancy was relatively weak during the fall months and that the unusually cold winter and appearance of multiple polar vortexes (or vortices if you will) have had an impact on hotel revenues, causing some uncertainly of what 2014's figures will ultimately look like. The city certainly hopes that tourism trends continue in the direction they have been heading for the last couple of years, and if they do, the city's hoteliers can expect to raise some serious bucks this year.