The old Tokyo Hotel on Ohio Street in River North has just received a permit from the city to begin over $5 million worth of updating and renovating. Last fall, it was announced that the hotel had been purchased by a developer who planned to convert the derelict building into a "hipster hostel", or a lodging space aimed at younger, and perhaps less affluent travelers. The 16 story building designed by Ralph C. Harris currently contains 150 rooms, however, once renovations have been completed and the building reopens as a Freehand Hostel, it is expected to contain roughly 250 beds split between dorms and private rooms. No word yet on pricing per night, however the Hosteling International Chicago in the loop charges $30-$36 for a dorm bed and $89-$99 per night for a private room.
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