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Minneapolis==>Chicago
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1,421 Posts
June 26, 2015
Hotel tower with 82 stories planned for West Loop
By Alby Gallun

A Mexican hotel chain said it plans to open its first U.S. hotel in a proposed 82-story West Loop tower, part of broader rollout that includes Los Angeles and Washington.

Mexico City-based Grupo Posadas plans a Live Aqua hotel with 250 to 300 rooms in the skyscraper, which would also include a hotel run by Dream Hotels, a New York-based chain. A Posadas spokeswoman would not disclose the location of the project. The hotel would open in 2017.

The Chicago hotel is one of five that Posadas plans to open in the United States with Las Vegas-based Bighorn Capital, which intends to invest $450 million in the rollout, according to a Posadas statement. They have picked Chicago and the other cities—Los Angeles, Miami, Houston and Washington—for their Hispanic populations and substantial Latin American and international tourists, the statement said.

“Live Aqua promises to bring to the U.S. hospitality market a new concept experience found in Posadas' Mexican properties,” Rob Entler, CEO of Bighorn Capital, said in the statement. "Posadas has developed an elegant hotel and resort concept which we believe has enormous potential in gateway cities throughout the country.”

:banana:
 

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The only way is up
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Great news for Chicago.

But are they going to put 2 hotels in 1 tower? That is quite unusual.

Mexico City-based Grupo Posadas plans a Live Aqua hotel with 250 to 300 rooms in the skyscraper, which would also include a hotel run by Dream Hotels, a New York-based chain.
 

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^^ Um...Aqua only has 1 hotel. The concept is not foreign though. There's a hotel in River North (name escapes me at the moment) that has three hotels in one building. I believe there's a building under construction in the west loop that will have two hotels.
 

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Minneapolis==>Chicago
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1,421 Posts
Discussion Starter #12
CHICAGO | West Loop | 300m+ | 984ft+ | Pro

Yes, you're right my bad.

Yes there is a 24 story building in the west loop with 2 hotels.

Site O at lake shore east should have 2 hotel.
 

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Whiskey Tango Foxtrot
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55,632 Posts
This is the site of another 80 story proposal, Conservatory Tower, that fell apart in 2008. According to Crain's, it could be an uphill struggle to get zoning changes, legal clarity and harmony among the involved parties:

Two more towers planned for Loop, one with 83 stories

September 09, 2015

Two big high-rise projects—including one as tall as 83 stories—are in the works on Lake Street in the Loop, a stretch better known for its elevated train tracks than trophy buildings.

The bigger tower, at the northeast corner of Clark and Lake streets, would include 600 hotel rooms and 300 apartments, according a court document. The promoters of the project announced their plans in June, saying it would include two hotel brands new to Chicago—Live Aqua and Dream Hotels—but didn't disclose its location.

In late June, Mexican hotel chain Grupo Posadas and Las Vegas-based private-equity firm Bighorn Capital said they planned an 82-story tower in the West Loop that would include Live Aqua and Dream hotels and open in 2017. But a person familiar with the plan and public documents reveal they actually want to build the skyscraper at 201 N. Clark St., on the site of the Garvey Food Court.

In court testimony in May, Bighorn executive Mark Goldstein said Bighorn planned to tear down the existing building and build an 83-story high-rise with 600 hotel rooms and 300 apartments in its place, according to a recently filed transcript. Goldstein, who did not provide specifics about the hotels, was testifying in a trial in a Chapter 11 bankruptcy case over the site, formerly owned by Chicago developer Nicholas Gouletas. Bighorn's partner in the project is Steven Gouletas, son of the longtime American Invsco CEO.

Last year, the Bighorn-Gouletas joint venture signed a 20-year agreement under which New York-based Hampshire Hotels Management would run the hotels, according to a document filed with the Cook County Recorder. A Hampshire Hotels unit operates the Dream Hotel chain and has been hired to manage the U.S. expansion of the Live Aqua chain.

[...]

It's unclear whether they have the financing, track record and support from the city to pull off such a huge, complex real estate deal. Bighorn is a relative unknown in Chicago real estate circles and in the hotel industry, and recent legal squabbles between Bighorn and Gouletas raise questions about their partnership. They also need a zoning change from the city to accommodate such a big tower. Considering they haven't even filed plans with the City Council, a 2017 completion date is out of the question.

[...]
 
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