Found 3 blog entries tagged as Chicago Business News.

South Loop Hotels Downtown Chicago’s hot hospitality segment is showing no signs of cooling as the South Loop’s latest high-rise hotel prepares to kick off construction at the southeast corner of Wabash and 11th Street. Though some early preparation and pile-driving was reported last month, the development received its first permit late last week. Estimated at $15,000,000, the scope of the work allows construction of the tower’s foundation and superstructure up to the seventh floor. With the official city go-ahead in hand, caisson crews can now begin planting the 306-foot tower’s subterranean roots. 

The 30-story project comes from architect Lothan Van Hook DeStefano and Hinsdale-based developer/operator S.B. Yen Management Group and contains a 196-room Homewood Hilton,…

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CIM Group has certainly made plenty of headlines in recent months with its new Marquee at Block 37 development, but reports have now surfaced that link the Los Angeles-based developer to a deal that could lead to a redevelopment of one of downtown Chicago’s most iconic and historic high-rises. 

According to reports out of the Chicago Tribune and several other major media outlets, CIM Group has apparently reached an agreement to purchase the famed Tribune Tower for $240 million—a deal that seems to have been in the works for quite some time. 

Over the next year or so, Tribune Media plans to move out several hundred employees, which could provide an opportunity for CIM Group to revamp the 33 story tower, which was originally completed back in 1925.  

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Less that 2 years ago, Walton Street Capital purchased the 184-room Hotel Lincoln, located at 1816 N. Lincoln Avenue up in Lincoln Park. Now, looking to capitalize on strong investor demand for hotels in Chicago, that same firm is putting Hotel Lincoln back on the market in hopes of making a pretty substantial profit.

After acquiring Hotel Lincoln back in 2013, Walton Street made some pretty significant improvements to the property, which included installing a retractable roof to its rooftop bar, the J. Parker, allowing it to be open all year long.

In addition, occupancy levels and room rates are significantly higher than pre-recession levels, further boosting hotel values throughout the city. According to reports and those familiar with the property,…

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