Loews Hotels & Resorts, held a ceremonial groundbreaking today in Chicago on the site where the company will open the Loews Chicago Hotel in 2015. The hotel will be the centerpiece of a $210 million, mixed-use hotel and apartment tower at Illinois Street and Park Drive.
Jonathan M. Tisch, Chairman of Loews Hotels & Resorts and President and CEO of Loews Hotels & Resorts, Paul Whetsell were joined by Donald R. Wilson, Jr., Founder and CEO of DRW Trading Group (DRW) and the Honorable Mayor of Chicago Rahm Emanuel at the ceremony.
“Today marks a special day as we officially break ground on the Loews Chicago Hotel and become a member of this community,” said Jonathan Tisch. “This property, once completed, will be a wonderful addition to our portfolio and the Chicago skyline!”
“Even with Chicago’s hotel occupancy at a record high last year, companies continue to build more hotel stock as more and more tourists, business travelers and conventions are flocking to Chicago,” said Mayor Emanuel. “I am pleased to see this hotel rise from the ground, creating hundreds of jobs, and setting up Chicago to continue its growth as one of the premiere destinations in the entire United States.”
Currently being developed by DRW and designed by the architectural firm Solomon Cordwell Buenz, the Loews Chicago Hotel will feature 400 guestrooms, including 36 suites, a signature restaurant, more than 25,000 square feet of innovative meeting space, multiple outdoor terraces, a spa/fitness center and an outdoor rooftop including a pool overlooking the city. The hotel will be part of a highly visible 52-story tower comprised of the Loews Chicago Hotel and 398 luxury residential apartments.
“We are excited to partner with Loews in designing and delivering a hotel and residential product. The apartment and hotel combination will be a benefit to one another; offering amenities to residents that set us apart from the current market,” said Donald R. Wilson, Jr.
The addition of the Chicago property is part of the company’s strategy to add substantially to its portfolio of hotels over the next five years. Loews Hotels & Resorts continues to seek hotel additions in gateway cities and resort destinations and anticipates announcing additional Loews properties in the coming months.
Rendering courtesy Solomon Cordwell Buenz Architects