January 29, 2023


Business leisure

Spanish trader plans 29-tale lodge off Mag Mile

A Spanish resort team would like to establish a 29-tale hotel methods from the Impressive Mile in a bold approach that belies the city’s COVID-19-bludgeoned hospitality sector.

A venture of RIU Motels & Resorts will present its vision to Streeterville people upcoming 7 days for a 388-room resort at 150 E. Ontario St., in accordance to an e mail sent to constituents by 42nd Ward Ald. Brendan Reilly. Aspects of the proposal are constrained, but Reilly claimed the developing would be made by architectural agency Lucien LaGrange Studio and would be recognised as the RIU Plaza Resort.

The plan comes with the downtown resort market in tatters more than a year into a pandemic that has halted most travel to the metropolis and place many of the roughly 100 hotels in the central business district in economical distress. If crafted, the new lodge would add inventory to a marketplace that marketplace experts estimate will take several years to return to pre-COVID ranges of desire, if it at any time does.

The lodge is just not the initially proposed for the now-vacant Ontario Avenue web page, which since 2012 has been owned by a undertaking of Oak Brook-based Intercontinental Genuine Estate, according to Cook dinner County property data. An Intercontinental spokesman couldn’t be attained.

A undertaking of Marriott Global and Chicago-dependent Monaco Progress lined up a system just before the Terrific Recession to build a higher-increase on the site with a high-stop 330-room resort underneath Marriott’s “Version” brand name. But that approach was scrapped amid the downturn. The entrepreneurs ended up afterwards strike with a foreclosures lawsuit, and the Intercontinental venture bought the web-site through a judicial sale, assets records show.