Spanish investor options 29-tale hotel off Magazine Mile

April 2 update:

Chicago actual estate veteran Michael Reschke said RIU Inns & Resorts has hired him to produce the constructing, and he made available much more information about the vision for what he explained would be named the RIU Grand Plaza Hotel—including the objective of breaking ground on the job by this summer time.

Most notably, the Riu spouse and children ideas to fund the project—which he expects to price tag somewhere below $200 million—with dollars rather of funding it with a development financial loan, which may possibly be difficult to land when the pandemic rankles the regional lodge industry. And irrespective of paltry current visitor desire, Reschke mentioned RIU is mainly focusing on international travelers that tend to keep at several RIU hotels—they have a different in Miami, two in New York and one particular in San Francisco—during visits to the United States.

“They will not treatment about regional need,” Reschke reported. “The attractiveness is RIU will bring most of the visitors to this lodge by way of their personal vacation network—international travelers that keep for a longer period and commit far more dollars.”

The Riu loved ones also owns an fascination in TUI, an worldwide vacation agency, in accordance to Reschke.

As much as the timing of the proposal in the middle of a worldwide pandemic, Reschke claimed the relatives has been beneath agreement to buy the home for two several years, but experienced its ideas delayed by the COVID-19 disaster.

He said the family members hopes to acquire city approval for the venture before long and that the hotel would acquire about two yrs to develop.

Before:

Spanish trader options 29-story hotel off Magazine Mile
By Danny Ecker
April 1, 2021

A Spanish hotel team wishes to establish a 29-tale hotel actions from the Wonderful Mile in a bold plan that belies the city’s COVID-19-bludgeoned hospitality sector.

A enterprise of RIU Hotels & Resorts will present its vision to Streeterville people subsequent week for a 388-room lodge at 150 E. Ontario St., according to an electronic mail sent to constituents by 42nd Ward Ald. Brendan Reilly. Facts of the proposal are constrained, but Reilly mentioned the making would be made by architectural organization Lucien LaGrange Studio and would be identified as the RIU Plaza Hotel.